International Bank of Azerbaijan, the energy exporting country's biggest lender, said that a U.S. court had supported its petition to prevent creditors from pursuing legal action in the U.S., giving it time to restructure $3.3 billion debt, Reuters reported on Saturday. The state-controlled bank said that it was suspending payments on some liabilities and seeking creditors' support to restructure more than $3 billion of debt, mostly owed to foreign creditors, to tackle bad loans left over from an oil price slump. The bank filed a petition under chapter 15, which stops creditors from pursuing legal actions in the U.S., giving debtors time to restructure their businesses.
