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Azeri bank IBA says has over 87 pct support for restructuring
July 12, 2017 / 4:31 PM / 5 months ago

Azeri bank IBA says has over 87 pct support for restructuring

MOSCOW, July 12 (Reuters) - Azerbaijan’s biggest state-run bank, IBA, which has unveiled plans to restructure $3.3 billion of its debt, said on Wednesday that creditors holding over 87 percent of the affected debt supported the restructuring.

The International Bank of Azerbaijan infuriated creditors when it unveiled the restructuring plan in May.

Former Soviet republic Azerbaijan’s economy has been battered by the slump in global oil prices, in turn hurting the country’s manat currency and local banks.

The deadline for creditors to vote on IBA’s restructuring plan is July 13, and IBA said on Wednesday it would announce full voting results after a claimants’ meeting on July 18.

Two-thirds support for the restructuring plan is required to make it pass.

IBA creditors include Azeri sovereign wealth fund SOFAZ, commodities trader Cargill, Italian lender Intesa Sanpaolo , Germany’s Commerzbank and Bayerische Landesbank and French bank Societe Generale .

Some big asset managers are among holders of its Eurobond. (Reporting by Alexander Winning; Editing by Maria Kiselyova)

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