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International Bank of Azerbaijan changes plan on restructuring of obligations


The process of voting on the plan of voluntary restructuring of obligations of the International Bank of Azerbaijan to foreign creditors has begun, which will end on July 18, 2017, the Bank told APA-Economics.

 

Taking into account the proposals of foreign creditors, with the approval of the Ministry of Finance of Azerbaijan, some changes were made in terms of restructuring.

 

In particular, changes were made in the terms of payment for new bonds to be issued by Azerbaijan. Creditors will be given the opportunity to choose government bonds with different terms. Interest on loans will be accrued until September 1, 2017. From this date, as part of a new restructuring plan, interest will be calculated on the issued new bonds, and the interest payments calculated before September 1, 2017 will be paid to applicants in cash form on the respective distribution dates.

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