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Azerbaijan's IBA has August deadline for restructuring-legal advisor
May 23, 2017 / 11:52 AM / 7 months ago

Azerbaijan's IBA has August deadline for restructuring-legal advisor

LONDON, May 23 (Reuters) - State-run international Bank of Azerbaijan 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 Tuesday.

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 Azeri 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. (Reporting by Karin Strohecker and Sujata Rao)

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