London court makes positive decision on Int’l Bank of Azerbaijan
Baku, Azerbaijan, June 7
Following the decision of the New York court, the London court also made a positive decision concerning the International Bank of Azerbaijan (IBA) to prevent foreign creditors’ lawsuits in the UK regarding the bank’s assets, the IBA said in a message June 7.
According to the court decision, foreign creditors will be unable to make claims against the assets or obligations of the bank without its permission, which facilitates the process of voluntary restructuring of the bank’s obligations to foreign creditors.
It was earlier reported that the IBA commenced a process of voluntary restructuring within its financial improvement.
The process will lead to a meeting of all creditors affected by the restructuring plan. If approved by two-thirds of the affected creditors the plan will be accepted.