Kazakhstan’s BTA Bank has formed a steering committee to coordinate its second debt restructuring, including its portion of trade finance debt.

BTA repaid its first instalment (US$175mn) of a revolving committed trade finance facility agreement in March last year, and will pay another three instalments by September 2012.

The committee will work to restructure BTA’s US$12.2bn-worth of debt after the bank defaulted in early 2009.
Ashmore Investment Management will act as the agent for some of BTA’s funds and accounts.

The following banks will join the steering committee as financial advisors: the Asian Development Bank, D.E Shaw Oculus International, D.E Shaw Laminar International, FFTW UK, Gramercy Funds Management, JP Morgan Securities, Nomura International, RNS and the Swedish Export Credits Guarantee Board.

Houlihan Lokey and Deloitte will act as joint financial advisers, while Baker & McKenzie will work as the committee’s legal adviser.

Lazard Frères and White & Case are appointed as financial and legal advisers to the bank.

Additionally, BTA has hired PricewaterhouseCoopers (PwC) as its business strategy consultant. PwC is in the process of conducting a new business plan, according to BTA.

Meanwhile, the financial advisers will begin their work by conducting due diligence on the bank’s business plan and financial position.

Anvar Saidenov, chairman of BTA, says: “We are working closely with the steering committee and all our advisers to ensure a sustainable future for the bank and the best possible consensual outcome for all stakeholders. These appointments are a significant step forward in the process, and in due course we will present our new business plan to the steering committee.”