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Friday, May 12, 2017

Azeri Bank Plans $3.3 Billion Restructuring After Defaulting

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.
Some 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.

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