Baku, 17 August 2017 – OJSC The International Bank of Azerbaijan (the “Bank” or “ABB”) is pleased to announce that its Restructuring Plan, which was previously approved by affirmative vote of holders of 93.9% of affected claims at the Claimant’s Meeting held on 18 July 2017 and by the Financial Market Supervisory Authority of Azerbaijan on 25 July 2017, has been approved by the Nasimi District Court in Baku at the hearing of the Bank’s application that took place earlier today at 3:30 p.m. (Baku time).
In accordance with the applicable provisions of the Law on Banks, the Bank will proceed with implementation of its Restructuring Plan. As announced previously, the initial distribution of entitlements is expected to take place on or about 1 September 2017.
As a reminder, all Claimants (other than Noteholders) wishing to receive their entitlements on the initial distribution date are required to deliver to the Information and Tabulation Agent their duly executed Deed of Release and Cash Account Details Form (if applicable) by no later than 4:00 p.m. (London time) on 22 August 2017.
Terms used in this press release and defined in the Information Memorandum of the Bank dated 19 June 2017, as amended and/or supplemented from time to time, are used in this press release as so defined.
Further Information
For further information with respect to the process for distribution of Entitlements or the Restructuring generally please contact the Information and Tabulation Agent using the details set out below:
E-mail: ABB@dfkingltd.com
Website: https://sites.dfkingltd.com/iba
In London:
6th Floor
125 Wood Street
London EC2V 7AN
United Kingdom
Telephone: +44 20 7920 9700
In Hong Kong:
Suite 1601, 16/F, Central Tower 28
Queen’s Road Central
Hong Kong
Telephone: +852 3953 7230
THIS PRESS RELEASE OR ANY INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES NOR MAY THE SECURITIES TO BE ISSUED IN THE RESTRUCTURING BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION AS PROVIDED IN THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND THE RULES AND REGULATIONS THEREUNDER. THERE IS NO INTENTION TO REGISTER ANY PORTION OF ANY SUCH SECURITIES IN THE UNITED STATES OF AMERICA OR TO CONDUCT A PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES OF AMERICA.
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