2nd Kazakh Bank Seeks Bankruptcy Shelter In US

By Julie Zeveloff

Law360, New York (February 16, 2010, 6:13 PM ET) -- JSC Alliance Bank, Kazakhstan's sixth-largest bank, has filed for bankruptcy protection in the United States, listing more than $1 billion in estimated liabilities and making it the second major Kazakh financial institution to seek Chapter 15 protection this month.

Alliance, which filed for Chapter 15 Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, seeks shelter from creditors while it completes a $5 billion restructuring at home, according to a declaration from its chairman.

In addition to more than $1 billion in...
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