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Report: Azerbaijan has 'alternative' plan for local bank's debt restructuring

Azerbaijan has an "alternative" to the debt restructuring plan recently put forward by OJSC International Bank of Azerbaijan in case creditors do not vote in favor of that proposal, Reuters reported May 30, citing Rufat Aslanli, chairman of the country's financial markets supervisory authority.

Aslanli reportedly did not reveal the exact details of the alternative plan, but he added that it would not involve placing any restrictions on the deposits held by the lender's retail or business clients.

After announcing a debt restructuring earlier in May, International Bank of Azerbaijan offered to swap the bank's debt for sovereign bonds with a haircut. Moody's and Fitch both subsequently downgraded the bank.