Yuksel in talks to release security; restructuring deal expected soon

By Caroline Salls

Pittsburgh, Feb. 16 – Yuksel Insaat AS is in discussions with its principal secured lenders to release existing security on its assets in the Cubuklu region of Istanbul established in connection with financing intended to repay the holders of its senior notes due 2015 under previous scheme proposals and reduce the remaining security granted to the secured lenders, according to a news release.

Yuksel said a secured restructuring deal for noteholders will be announced shortly.

The company said it will work to finalize these talks as quickly as possible in order to protect the noteholders’ interests and to implement the secured restructuring deal by way of a scheme of arrangement as soon as the lender security is released.

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

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