The International Bank of Azerbaijan (IBA) has received enough votes from creditors to start the process of restructuring its foreign liabilities, Bloomberg reported, referring to the bank’s statement.
Creditors holding more than 87% of the debt have voted in favor of the restructuring process, according to the report.
Voting on the plan of voluntary restructuring of the IBA’s foreign liabilities started on June 19 and will end on July 18.
Earlier, a number of creditors who did not agree with the restructuring of the IBA’s foreign liabilities, appealed to the New York court, stating their non-recognition of the restructuring. The court considered the appeal and ruled in favor of IBA. Thus, the bank’s assets will remain untouched in the process of restructuring.
The bank’s total debt to foreign creditors is $3.3 billion.
The International Bank of Azerbaijan has been operating since 1992 and is one of the country’s two state-owned banks. (Trend/Business World Magazine)
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