Yuksel applies to High Court to move scheme vote to Jan. 25

By Mark Reccek

Bethlehem, Pa., Dec. 10 - Yuksel Insaat AS has applied to the High Court to move the meeting date for note creditors to vote on the implementation of the company's scheme arrangement to Jan. 25 from Dec. 14, according to a Thursday news release.

The company said it does not expect the note repayment funds to be in place to meet the current time frame of the scheme.

According to the release, additional work is needed to finalize the required financing documentation.

The company also said it is in discussions to finalize $110 million in funding, as well as the $40 million due to be paid to the note creditors on or prior to the proposed new maturity date of March 31, the release noted.

The company indicated its intention to move forward with the funding of the redemption amount to make the final payment following the date of the scheme.

“The company is confident that the note repayment funds will be available in accordance with the amended scheme timetable, but for reasons of prudence the company has also confirmed to the committee that should for any reason the funding not become available then it will revert to a previous proposal to provide security over its assets in the Cubuklu region of Istanbul in return for an amendment to the notes,” the release added.

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

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