London court backs foreign creditors against IBA

Baku. 26 January. REPORT.AZ/ Russia's main state-owned Sberbank and American Franklin Templeton Investment Management have won International Bank of Azerbaijan's (IBA) in the London court.

Report informs referring to New York Times, claim was relating to International Bank of Azerbaijan's (IBA) debt restructuring, potentially delaying the process.

Notably, IBA had obtained in May 2017 a moratorium from the London court in relation to the restructuring. The process was expected to be finished by January 30. IBA had applied to have the moratorium extended beyond the end-January deadline but Sberbank and Franklin Templeton Investment Management Limited (FTIML) opposed extending the moratorium.

Sberbank holds a $20 million loan from July 2016 and Franklin Templeton holds another $500 million due next year. Neither had agreed to the restructuring plan.