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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