trending Market Intelligence /marketintelligence/en/news-insights/trending/9lC9G5Z7yVwUOFrrZhkyvA2 content esgSubNav
Log in to other products


Looking for more?

Contact Us
In This List

UK court protects Azeri bank, allows it to continue restructuring


Banking Essentials Newsletter: June Edition

Case Study

กรณีศึกษา A Bank Takes its Project Finance Assessments to a New Level


Financial Institutions Factor Transition Risk into Climate-Related Stress Testing


Banking Essentials Newsletter: May Edition, Part-2

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.