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UK court protects Azeri bank, allows it to continue restructuring

A London court accepted OJSC International Bank of Azerbaijan's request to prevent creditors from taking legal action against the bank in the U.K., Reuters reported June 7.

The bank, Azerbaijan's biggest by assets, launched a debt restructuring plan May 23, offering to swap its debt for sovereign bonds with a haircut.

However, a letter sent by law firm Shearman & Sterling LLP on behalf of a large number of sophisticated international financial institutions warned that creditors would be prepared to take actions to protect their interests if their complaints weren't addressed by the bank.

However, the bank said that the court ruling meant foreign creditors have been barred from pursuing legal actions against the bank's assets and liabilities without the court's permission, the newswire reported.