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Financials

Defaulted Kazakh bank BTA announces creditor committee

NEW YORK, April 3 (Reuters) - Kazakh bank BTA on T uesday announced the members of a steering committee of creditors to discuss the restructuring of its $2 billion worth of defaulted debt.

The bank, Kazakhstan’s third-largest by assets and majority-owned by the country’s sovereign wealth fund, defaulted on a 2018 eurobond in January, only 18 months after a first round of restructuring cut its debt by two-thirds.

It said in a statement that the steering committee will be comprised of the following members:

* Ashmore Investment Management Limited (on behalf of certain funds and accounts for which it acts as investment adviser)

* Asian Development Bank

* D.E. Shaw Oculus International, Inc.

* D.E. Shaw Laminar International, Inc.

* FFTW UK Limited - a BNP Paribas Investment Partner

* Gramercy Funds Management LLC

* JP Morgan Securities Ltd.

* Nomura International plc

* The Royal Bank of Scotland plc

* Swedish Export Credits Guarantee Board - EKN

* VR Capital Group Ltd

The committee hired Houlihan Lokey and Deloitte as joint financial advisers to conduct a due diligence of BTA’s business plan and financial position, the bank said. Baker & McKenzie has been selected as the committee’s legal adviser.

BTA hired PricewaterhouseCoopers to conduct a review of its strategy and to work on the development of a new business plan for the bank. Lazard Freres and White & Case are acting as financial and legal advisers to BTA. (Reporting by Carolyn Cohn; Editing by Dan Grebler)

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