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By Gillian Tett
Published: June 3 2010 22:27 | Last updated: June 3 2010 22:27
Ever since the film Borat was released, the word "Kazakh"? has tended to provoke sneers on western bank trading floors. Right now, however, it merits more respect "â?? at least as far as the issue of financial restructuring is concerned.
A few days ago, Kazakhstan announced that it had completed the restructuring of BTA, one of the largest Kazakh banks, by imposing severe haircuts on investors holding BTA bonds and loans. These creditors, which include ABN Amro, Commerzbank, Standard Chartered, ING, KfW, and funds DE Shaw and Fortis Investment Management, have effectively had to swallow some $6.8bn of write-downs to enable the bank to cuts its debt burden from $12.2bn to $4.4bn.
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