Azerbaijan Bank Creditors Balk at Restructuring Plan

LONDON—A troubled lender from Azerbaijan is shaping up to be a battleground for U.S. and European investors facing big losses on bondholdings.

State-owned International Bank of Azerbaijan, or IBA, filed for bankruptcy in New York on May 11, battered by bad loans and the oil-price rout. It wants to restructure $3.3 billion of debt to help it get back on its feet, according to a proposal accompanying the bankruptcy filing.

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