Yuksel Insaat expects senior notes restructuring term sheet shortly

By Caroline Salls

Pittsburgh, May 4 – Yuksel Insaat AS expects to enter into a final form restructuring term sheet shortly, as talks with an informal committee of noteholders “are well advanced,” according to a news release.

Once an agreement is reached, the company said it will immediately move to implement a restructuring under which the $200 million of senior notes due 2015 will benefit from security over Yuksel’s assets in the Cubuklu region of Istanbul in return for a maturity extension.

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

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