International Bank of Azerbaijan foreign case recognized by U.S. court

By Caroline Salls

Pittsburgh, June 29 – The International Bank of Azerbaijan announced Wednesday that the U.S. Bankruptcy Court for the Southern District of New York granted recognition of its restructuring proceeding in the Nasimi District Court of Azerbaijan as a “foreign main proceeding.”

According to a news release, the recognition triggered an automatic stay barring any action in the United States against the bank or its U.S.-based assets.

The bank said creditors affected by its restructuring plan will vote whether to accept the plan at a claimants meeting to be held on July 18.

Baku, Azerbaijan-based International Bank of Azerbaijan filed bankruptcy on May 11 under Chapter 15 case number 17-11311.

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