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...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.