BTA hires Lovells as legal advisor

Published: July 13, 2009

BTA Bank has appointed Lovells to advise the bank on asset recovery. BTA was nationalised in February and at the end of June it announced that its losses under loans issued by former bank’s managers to its affiliates, including financing foreign projects, amounted to KZT1.413bn (US$9.4mn) in 2008.

The bank is now collecting its debt and trying to restructure in case of any repayment problems. 

BTA says that the bank will continue to work with UBS on a debt restructuring programme, while White & Case will continue to be the legal advisor for BTA. Part of BTA bank advisory team includes M. Favale-Tarter and John Howell & Co, independent advisers, advising Samruk-Kazyna and the government on the financial architecture and strategy with regard to BTA. 

BTA expects to reveal the terms of the restructuring plan by mid-July.

Lovells is an international business legal practice with over three thousand people operating from 27 offices in Europe, Asia and the US. The firm advises many of the world's largest corporations, financial institutions and government organisations.  Lovells regularly act on complex, multilateral transactions and commercial disputes.

In June, Lovells, together with Norton Rose, advised the government of Bahrain on the creation and listing of its US$750mn sovereign sukuk. The firm also advised the Bahraini government on its sukuk issuances in 2004 and 2008.