On 7 June Intl Bank of Azerbaijan can be declared bankrupt

Baku, Fineko/abc.az. The International Bank of Azerbaijan (IBA) can be declared bankrupt on 7 June on American time.

Precisely on this day the U.S. court will consider IBAs statement of claim on recognition of its bankruptcy and protection from creditors. The Bank estimated the volume of claims of American creditors at the level of $3.34 billion.

Events around the IBA have been developing rapidly since 4 May, when the Nasimi district court of Baku sanctioned voluntary restructuring of IBA assets and provided its protection from external lenders. Having such protection and the right to suspend payments on loans to foreign creditors (such a right was given Financial Market S…

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