White & Case and Bakers take top roles on $12bn Kazakh bank restructuring
White & Case and Baker & McKenzie have taken lead roles on the $12.2bn (£8.4bn) restructuring of Kazakhstan's BTA Bank in the wake of the lender's nationalisation last year. BTA was advised by White & Case, with the US law firm fielding a team headed up by banking partners Francis Fitzherbert-Brockholes and Stuart Matty.
June 16, 2010 at 04:41 AM
2 minute read
White & Case and Baker & McKenzie have taken lead roles on the $12.2bn (£8.4bn) restructuring of Kazakhstan's BTA Bank in the wake of the lender's nationalisation last year.
BTA was advised by White & Case, with the US law firm fielding a team headed up by banking partners Francis Fitzherbert-Brockholes and Stuart Matty.
Fitzherbert-Brockholes said: "This restructuring underlines our multi-disciplinary capabilities – we advised on a range of different issues including banking, litigation and insolvency. It is important to note that it has been recognised under cross-border regulation, which is an important step for an ex-Soviet country."
Bakers advised the creditors' steering committee, which comprised more than a dozen creditors including Commerzbank, Fortis, ING, JPMorgan, Standard Chartered and ABN Amro.
Bakers' team was headed up by restructuring partners Ian Jack and Louise Webb and capital markets partner Roy Pierce, as well as Almaty-based corporate partner Curtis Masters.
The deal also handed roles to Allen & Overy and Dewey & LeBoeuf, which advised the credit agencies and the bondholders respectively.
BTA defaulted in April 2009, two months after it was taken over by the state-owned National Wellbeing Fund Samruk-Kazyna.
The bank announced in September that it was planning to sell off a number of its units, including BTA Bank Armenia and BTA Bank Georgia.
Three other units, Sekerbank TAS in Turkey, Temirbank and BTA Ipoteka, are also currently under review.
Last year's nationalisation handed a role to legacy firm Lovells, which was appointed to act on all of the bank's asset recovery work.
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