Creditors Clear To Recover $170M On Azeri Bank Bonds

Law360, London (July 2, 2019, 6:41 PM BST) -- International Bank of Azerbaijan bondholders can recover $170 million from the country's largest commercial bank after the U.K. Supreme Court refused to review a ruling preventing the bank from permanently stopping English creditors from pursuing their claims.

Britain’s highest appeals court last week rejected International Bank of Azerbaijan’s request to challenge a Court of Appeal decision that blocked the Azeri lender from reinstating a moratorium preventing creditors from taking legal action, the firm representing a group of creditors said Tuesday.

In a decision that has not been made public, the Supreme Court nixed the bank’s efforts to appeal two lower court...

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