Kazakh bank BTA to submit debt restructuring plan
One of Kazakhstan's largest banks, state-run BTA BTAS.KZ, will submit a plan to restructure its $10 billion debt to regulators on Friday, a BTA spokesman said, Reuters reported.
Kazakhstan's Financial Supervision Agency earlier set Sept. 18 as the final date for submitting the plan. Asked if BTA would meet the deadline, spokesman Adil Dosymov said: "Yes".
BTA last week asked creditors to cut its $10.3 billion debt by $8 billion to avoid bankruptcy.
The state took over the bank in February and in April it went into default. The government has accused BTA's former managers of fraud that has led to its large losses, a charge they deny.