Kazakh bank BTA signs debt restructuring MoU

    BTA Bank, seeking to restructure its $10 billion debt, said Tuesday it had signed a memorandum of understanding (MoU) with its creditors' steering committee.
    The parties would work towards agreeing terms for the restructuring "following completion of a due diligence exercise to be performed by KPMG and Deloitte on the appropriate level of provisioning on BTA's loan assets", it said in a statement.
    "The MOU is non-binding on any financial creditor and the restructuring will be subject to certain conditions precedent," it added.
    The bank, which had asked creditors to slash its debt by $8 billion, did not disclose any of the memorandum terms. BTA said it would publish the memorandum on its website www.bta.kz, but it has not yet been made available, Reuters reports.