IBA starts talks with foreign creditors in London

IBA starts talks with foreign creditors in London
  • Clock-gray 11:30
  • calendar-gray 23 May 2017

The meeting will be held at 11:00 a.m. (Baku time – 2:00 p.m.). Azerbaijani delegation, which includes Finance Minister Samir Sharifov, Chairman of Board of Directors of the Financial Markets Supervisory Authority Rufat Aslanli and chairman of IBA Management Board Khalid Ahadov, is already in London.

 

Earlier, Ahadov told APA-Economics that restructuring of the foreign liabilities envisages 37 deals.

 

On May 12, the New York court made a decision on protection of IBA’s assets from claims of foreign creditors in US. Foreign creditors will not be able to make claims against the assets of the International Bank of Azerbaijan (IBA) during the process of voluntary restructuring of the bank’s foreign liabilities.

 

$3.40 billion will be restructured. IBA announced restructuring process on May 11. On that day, the Finance Ministry stated that it will give government bonds in foreign currency to IBA’s creditors.

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