International Bank of Azerbaijan claimants OK votes in favor of plan

By Caroline Salls

Pittsburgh, July 12 – International Bank of Azerbaijan received forms of proxy and voting instructions from claimants holding in excess of 87% of the total principal amount of the designated financial debt that is subject to the bank’s restructuring plan, directing the chairman of a claimants’ meeting to vote in favor of the plan, according to a news release.

The voting deadline is 11 a.m. ET on July 13.

The bank said it will announce full voting results after the conclusion of the claimants’ meeting on July 18.

Baku, Azerbaijan-based International Bank of Azerbaijan filed bankruptcy on May 11 in the U.S. Bankruptcy Court for the Southern District of New York under Chapter 15 case number 17-11311.

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