Under a restructuring plan published on Friday, the International Bank of Azerbaijan said
its “designated financial indebtedness” was at $3.3 billion as of April
18. It missed a principal and interest payment on a $100 million
subordinated loan on May 10, according to an emailed statement from the government-owned lender on Thursday.
of its foreign-currency debts will be exchanged for sovereign, while
the proposed restructuring plan will become binding if approved by
creditors accounting for two-thirds of the company’s affected debt by
value. In court documents filed in the U.S., the bank identified Cargill
Financial Services International Inc. as its largest single creditor.