SOFAZ intends to study in detail IBA’s debt restructuring plan
Baku, Azerbaijan, May 19
By Maksim Tsurkov – Trend:
The State Oil Fund of Azerbaijan (SOFAZ) expects to receive more detailed information on the restructuring plan of the International Bank of Azerbaijan (IBA), SOFAZ told Trend.
On May 11, 2017, the IBA published a restructuring plan, which noted the suspension of provision of the foreign obligations attracted from foreign creditors.
“In the published document, SOFAZ is also listed among creditors [the Fund has two deposits in the IBA for a total amount of $1 billion],” said SOFAZ. “On May 23, the first meeting of creditors will take place in London, where the Fund will also participate. Following the meeting, SOFAZ expects to receive more detailed information on the restructuring plan, which will allow it to define further actions.”
The IBA has filed an appeal to the New York court to aid the restructuring of $3.34 billion in debt. Under the court’s decision made on May 12, 2017, foreign creditors will not be able to make claims against the IBA assets during the process of voluntary restructuring of the bank’s foreign liabilities.
The International Bank of Azerbaijan has been operating since 1992 and is one of the country’s two state-owned banks.
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