Yuksel Insaat to deposit $110 million notes payment in escrow account

By Caroline Salls

Pittsburgh, Nov. 12 – Yuksel Insaat AS intends to fund an escrow account with $110 million to cover principal and interest payment to note creditors on the effective date of a proposed scheme of arrangement, according to a news release.

The company said it has not made the payments of principal and interest due on the notes on Nov. 10.

The amount to be deposited in the escrow account includes $9.5 million for interest and a $100.5 million principal repayment.

Yuksel said it is in continuing discussions with the lender of the note repayment funds regarding the terms of the financing, and the necessary funds are expected to be made available shortly.

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

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