Last Updated February 05, 2010
Kazakh bank looks for protection from US creditors as restructuring continues.
Kazakhstan’s BTA Bank is understood to have filed for bankruptcy protection in the US as part of its attempts to restructure some US$11.6bn in debt.
Reports claim the bank has filed for protection in the US under Chapter 15, which blocks domestic lawsuits against a foreign company with assets in the US.
In December, the bank announced that its restructuring proceedings had been recognised in the UK courts as a foreign main proceeding, meaning no legal action can be taken against the bank there.
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