Defaulted Azerbaijan Bank Wins Approval for Debt Restructuring Plan

International Bank of Azerbaijan, the state-owned lender that defaulted on foreign debts, said it had enough support from creditors to implement a $3.3 billion debt-restructuring plan.

Creditors holding more than 87 percent of the debt affected by the proposal have voted in favor, a day before the deadline, the bank said in a statement on Wednesday. Two-third support is required to make the proposal binding under Azeri rules.