Yuksel Insaat note creditors to vote on scheme of arrangement Nov. 24

By Caroline Salls

Pittsburgh, Nov. 10 – Turkey’s Yuksel Insaat AS said a meeting for note creditors to vote on its proposed scheme of arrangement has been scheduled for Nov. 24.

Ian Wallace of White & Case LLP has been appointed as chairman of the scheme meeting.

The scheme is also subject to court approval.

As previously reported, under Yuksel’s proposed restructuring, $110 million will be used to partially repay the notes at par. Yuksel said the debt to be repaid is composed of a $9.5 million coupon payment due Nov. 10 and a $100.5 million principal redemption payment.

The terms of the remaining notes will be amended. The new maturity date of the remaining notes will be March 31, 2016.

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

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