lucailmoro
Nuovo forumer
Thomson Reuters
Kazakh SWF won't issue debt for BTA default-advisor
05.29.09, 10:32 AM EDT
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LONDON, May 29 (Reuters) - Kazakhstan's sovereign wealth fund Samruk-Kazyna is not planning to issue bonds as part of efforts to restructure the defaulted debt of BTA bank, an advisor to the process said on Friday.
Contradicting earlier comments by a senior Kazakh official, Marcia Favale-Tarter -- who is advising Samruk as well as the Kazakh government -- told Reuters that BTA creditors should not hope to exchange its bonds or loans for those of the state fund.
http://buzz.yahoo.com/buzz?publishe.../2009/05/29/afx6480295.html?partner=yahoobuzz
Earlier in the day, Kuat Kozhakhmetov, deputy chairman of Kazakhstan's Financial Supervision Agency, told reporters that holders of BTA's syndicated and bilateral loans may be allowed to exchange them for Samruk debt.
'No sovereign debt or funding, that is, no Samruk-Kazyna debt issuance is being contemplated as part of the restructuring,' Favale-Tarter said.
'There will be no option for exchanging BTA debt for the sovereign and that is consistent with the policy of no sovereign debt or funding (for BTA)', she said.
Samruk, which has assets of $70 billion and is the main shareholder of BTA, has not announced any plans to issue debt. It took a 78 percent stake in BTA, Kazakhstan's largest bank, in February.
Favale-Tarter declined to comment on Kozhakhmetov's remarks that creditors may be able to buy back debt with a 60 percent discount.
'It is too early to comment on discounts. That will be the natural progression after we present company results to investors, the conditions on the market and what the picture is for BTA going forward,' she added.
Kazakh SWF won't issue debt for BTA default-advisor
05.29.09, 10:32 AM EDT
.headthompson_partner { background-color: #ffffff; color: #ffffff; font-weight: bold; padding:2px;}.borderthompson_partner{ border:1px solid #ffffff;}.bordercolorthompson_partner { background-color: #ffffff;}.rowthompson_partner { background-color: #ffffff;}.row1thompson_partner { background-color: #ffffff;}.row2thompson_partner{ background-color: #efefef;}.rulethompson_partner { background-color: #cccccc;}.spacethompson_partner { background-color: #ffffff;} http://www.forbes.com/breakingnews/AFX_full.html
LONDON, May 29 (Reuters) - Kazakhstan's sovereign wealth fund Samruk-Kazyna is not planning to issue bonds as part of efforts to restructure the defaulted debt of BTA bank, an advisor to the process said on Friday.
Contradicting earlier comments by a senior Kazakh official, Marcia Favale-Tarter -- who is advising Samruk as well as the Kazakh government -- told Reuters that BTA creditors should not hope to exchange its bonds or loans for those of the state fund.
http://buzz.yahoo.com/buzz?publishe.../2009/05/29/afx6480295.html?partner=yahoobuzz
Earlier in the day, Kuat Kozhakhmetov, deputy chairman of Kazakhstan's Financial Supervision Agency, told reporters that holders of BTA's syndicated and bilateral loans may be allowed to exchange them for Samruk debt.
'No sovereign debt or funding, that is, no Samruk-Kazyna debt issuance is being contemplated as part of the restructuring,' Favale-Tarter said.
'There will be no option for exchanging BTA debt for the sovereign and that is consistent with the policy of no sovereign debt or funding (for BTA)', she said.
Samruk, which has assets of $70 billion and is the main shareholder of BTA, has not announced any plans to issue debt. It took a 78 percent stake in BTA, Kazakhstan's largest bank, in February.
Favale-Tarter declined to comment on Kozhakhmetov's remarks that creditors may be able to buy back debt with a 60 percent discount.
'It is too early to comment on discounts. That will be the natural progression after we present company results to investors, the conditions on the market and what the picture is for BTA going forward,' she added.