Azerbaijan's IBA has August deadline for restructuring
The International Bank of Azerbaijan (IBA) hopes to complete its $3.3 billion debt restructuring process by the end of August, the lender's legal advisor, Ian Clark of White & Case told investors on May 23, Reuters reported.
Clark said the proposals would be put to vote on July 13 and was conditional on receiving the support of 2/3 of creditors by value. The proposal would be then submitted to Azerbaijani courts for their approval, he said.
"We anticipate the process to be completed by mid-August and as soon as possible after that we will (conduct) distribution of entitlements (to creditors) by 24 August," Clark added.