Azerbaijan's Largest Bank Seeks Ch. 15 Amid Restructuring

Law360, New York (May 12, 2017, 5:01 PM EDT) -- The International Bank of Azerbaijan, the country’s largest commercial lender, asked a New York bankruptcy court Thursday to provide the bank legal cover in the U.S. while IBA attempts to restructure $3.3 billion worth of debt after government-backed efforts failed to stabilize its finances.

The Azerbaijani bank is seeking recognition of bankruptcy proceedings that were initiated in its home country and formally commenced May 4, just days before IBA defaulted on a $100 million loan. The government-owned bank, which “plays a foundational role in the stability...
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