Turkey’s Yuksel Insaat gets OK to allow restructuring of 9˝% notes

By Angela McDaniels

Tacoma, Wash., Sept. 30 – Yuksel Insaat AS said the holders of 67.49% of its $200 million of 9˝% senior notes due 2015 granted consents during the consent solicitation that began Sept. 17.

The consents received are enough to make the requested changes, which include changing the governing law of the indenture to English law from New York law and appointing a new principal paying agent, registrar and transfer agent.

As previously reported, the changes are intended to allow the company to restructure the notes under an English scheme of arrangement.

The company said that it continues to explore its options for addressing the notes’ upcoming maturity and that discussions with an ad hoc committee of noteholders over the terms of a restructuring are continuing.

The tabulation and information agent is Lucid Issuer Services Ltd. (yuksel@lucid-is.com or +44 20 7704 0880).

Yuksel Insaat is a construction company based in Ankara, Turkey.

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