ABU DHABI - Majority shareholders of Bank of Credit and Commerce International welcomed approval of a liquidation plan that would give creditors 30 cents to 40 cents on the dollar.
Although some creditors and depositors had complained that they did not stand to recover enough money, they approved the plan by 93% to 7%, according to Touche Ross, the accounting firm in London that is overseeing the liquidation.
The results of the creditors' ballot also were welcomed by Abdul-Aziz Mohammed Saeed, court receiver of BCCI's head office and branches in the United Arab Emirates, who had been campaigning for the proposed arrangements.
The repayment plan now goes before Judge Maryse Welter of the District Court in Luxembourg, who withheld judgment in July until the liquidators let creditors have their say.
The creditors' vote is not binding, but it is expected to have a significant influence at a hearing scheduled for Wednesday.
Mr. Saeed said that if the proposed arrangements are approved, it would allow an independent liquidation of the eight United Arab Emirates branches, leading to early repayments for more than 40,000 local creditors.