Baku / 18.07.17 / Turan: The plan of voluntary restructuring of the International Bank of Azerbaijan (IBA) has been accepted by creditors. This decision of the creditors was announced on July 18, the bank"s press service said.

The report also says creditors who possess 94.1% of the liabilities subject to restructuring participated in the vote. Of these, 93.9% supported the plan. The national legislation required the consent of creditors with 2/3 of the obligations to adopt the plan.

The information says the restructuring plan will have legal effect after the approval by the Financial Markets Supervision Authority (FIMSA) and by the Nasimi district court.

"As a result of the restructuring, the bank"s foreign debt in the amount of $ 3.34 billion will be liquidated. In exchange, foreign creditors will be presented new securities issued by the bank and the state. Along with this, creditors with a pre-emptive right and the right to subordinated debts will be calculated and paid the unpaid interest for the period May 10 - September 1, 2017.

The adoption of the restructuring plan by the creditors was commented by the Minister of Finance Samir Sharifov, the Chairman of the Board of Directors of FIMSA Rufat Aslanli and the Chairman of the Board of IBA Khalid Ahadov.

"The successful result of the restructuring of the foreign obligations of IBA confirms that this plan supported by the Ministry of Finance is in the interests of the creditors who also supported this plan. Successful completion of the process will create conditions for the Azerbaijani government to privatize the bank before the end of 2018," the Minister said.

Rufat Aslanli noted that this decision is an important step for the development of the financial and banking sector of Azerbaijan. The Chairman of FIMSA expressed his confidence that IBA will continue its significant role in the financial system of the country.

The IBA Chairman Khalid Ahadov noted that the decision to voluntarily restructure the bank for its recovery was a step that fully complies with the law.

"By this we have completed an important part of the bank's recovery. The results of the vote showed that the creditors supported this step. Completing the restructuring process will strengthen the bank's capital position and create the opportunity to focus on new development goals," he added.

Recently, IBA appealed to the New York Court for a $ 3.3 billion debt restructuring. The bank"s obligations will be transferred to the state. For the bank"s rehabilitation, the state has spent 10 billion manat.

On May 23, in connection with the voluntary restructuring of the foreign obligations, a meeting of the bank"s representatives with foreign creditors was held in London. A plan for restructuring the foreign debts was presented at the meeting.

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