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IBA Wins Approval

July 24, 2017 : Permanent Link

(Reuters) International Bank of Azerbaijan (IBA) said a plan to restructure US$3.3bn of its debt won approval from creditors holding 93.9% face value of the affected credits. Claimants with 94.1% of the principal amount cast votes, the state-run bank said in a statement on Tuesday, Reuters reported. Two-thirds support was needed for the plan to be adopted. IBA creditors include domestic state oil fund Sofaz, commodities trader Cargill, Italian lender Intesa Sanpaolo, Germany’s Commerzbank and Bayerische Landesbank and France’s Societe Generale. Several big asset managers are holders of its Eurobond.

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