Kazakh Bank Gets OK For US Bankruptcy Protection

Law360 (March 4, 2010, 5:24 PM EST) -- A bankruptcy judge has granted Kazakhstan's second-largest bank, JSC BTA Bank, full court protection under the U.S. Bankruptcy Code while it continues its $11.6 billion restructuring in its home country.

Judge James M. Peck of the U.S. Bankruptcy Court for the Southern District of New York signed off on the order March 2, saying BTA had met all requirements for protection under Chapter 15 of the Bankruptcy Code.

BTA filed for bankruptcy protection in the U.S. on Feb. 4 after some financial services creditors, including UBS AG and Credit Suisse, commenced actions to recover claims against BTA.

The restructuring will continue...

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