Kazakh Bank Files Ch. 15 Amid $11B Reorganization

Law360, New York (February 5, 2010, 2:39 PM EST) -- Kazakhstan's JSC BTA Bank has filed for Chapter 15 protection in federal bankruptcy court to protect it from creditors as it hashes out an $11.6 billion restructuring in a Kazakh court.

Seeking protection under the U.S.' cross-border insolvency provisions became necessary after some financial services creditors, including UBS AG and Credit Suisse, commenced actions to recover claims against BTA, according to a petition and affidavits lodged Thursday in the U.S. Bankruptcy Court for the Southern District of New York.

The restructuring will continue to take place...
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