• Our Exclusives, Interviews & Analytics

    О НАС

    КОНТАКТЫ

    ПРАВИЛА


        19 Июля 2017 - 10:30 

          98   


        ЭКОНОМИКА    

        IBA’s restructuring plan adopted

      The International Bank of Azerbaijan (IBA) said a plan to restructure its debt won approval from creditors holding 93.9 percent of affected credits.

      Azeri.Today reports citing APA-Economics that, according to the bank, claimants with 94.1 percent of the principal amount cast votes. Two-thirds support was needed for the plan to be adopted.

      The plan will enter into force after the consent of the Financial Markets Supervisory Authority (FIMSA) and decision of Nasimi district court on approval,

      As a result of restructuring, $3.34 billion of bank’s debt will be cancelled and new securities issued by bank or the state will be offered to the creditors. Along with this, interests, which have been calculated in the period from May 10 till September 1, 2017 but not paid, will be paid to the creditors, who have advantages and right for subordinated debts.

      Azerbaijani government supports this process by including bank’s liabilities in foreign currencies in the public debt. As a result, the foreign creditors will have acquired financial instruments with more reliable and higher creditworthiness.

      "The satisfactory outcome of IBA's restructuring demonstrates that the plan supported by the Ministry of Finance serves the long-term interests of the Bank and of its creditors. The success of the operation would help the government meet a target of privatizing IBA by the end of 2018," said Finance Minister Samir Sharifov.

      Chairman of FIMSA Board of Directors Rufat Aslanli noted that adoption of restructuring plan by foreign creditors is an essential step for development of banking and financial sector of the country.

      IBA head Khalid Ahadov said: “This is a historical day for IBA. Our joint effort will ensure long-term sustainability of the bank. The restructuring plan was an important for bank to become healthy. Completion of restructuring will strengthen bank’s capital position and allow it to focus on the new development opportunities”.

      After the plan enters into force, every creditor will get cash or securities (or cash from sale of new securities) as provided in the information memorandum.

      Creditors voted for plan should submit appropriate document that they have no claim on bank till August 22, 2017. The creditors submitted these document will have right to get offered financial instruments from September 1, 2017.

       

      Источник: Azeri.Today

      Если вы нашли ошибку в тексте, выделите ее мышью и нажмите Ctrl+Enter



        ПОДЕЛИТЬСЯ  





        САМЫЕ ЧИТАЕМЫЕ