Azerbaijan bank restructuring secures over 50% backing

摘要

Creditors holding over half the US$3.3bn debt targeted by the international bank of Azerbaijan for restructuring have already agreed to accept the deal proposed last month by the state-backed lender. Holders of two-thirds of the debt at face value need to approve the proposals for them to be carried out. "We have received non-binding commitments from creditors holding claims in excess of 50% of the total value of claim subject to restructuring across the trade finance and senior liabilities," the bank said in an update on the process.