Azeri Bank's Restructuring Under Fire In Ch. 15 Hearing

Law360, New York (June 21, 2017, 9:22 PM EDT) -- Azerbaijan’s largest commercial bank was left in a holding pattern Wednesday after a New York bankruptcy judge said he needs more time to mull a noteholder group’s complaint against granting the lender U.S. legal protections under Chapter 15 while it restructures $3.3 billion worth of debt in its home country.

The International Bank of Azerbaijan will have to wait until Friday to find out if its Azeri court restructuring is recognized as a foreign proceeding under the U.S. Bankruptcy Code, which would allow the government-owned bank...
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