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Prospect News home > News index > List of issuers Y > Headlines for Yuksel Insaat AS > News item |
Yuksel secures financing line, re-launches May scheme of arrangement
By Caroline Salls
Pittsburgh, Nov. 3 – Yuksel AS received credit approval for a financing line that will fund its restructuring and security registration costs, as well as some property development costs, and the company is now in a position to re-launch the scheme of arrangement announced in May, according to a news release.
Yuksel said the scheme will put in place valuable security in favor of note creditors.
According to the release, the company’s discussions with its banks to secure funding took longer than expected as a result of the challenging political and economic climate in Turkey and the Middle East, and consequently led to a delay in the scheme timetable.
Under the scheme agreement reached with an informal committee of noteholders currently representing about 41% of the notes, Yuksel said the maturity of the notes will be extended with revised terms to include security over the company’s assets in the Cubuklu region of Istanbul.
Parent company Yuksel Holding AS provided a guarantee for the notes obligations on Oct. 31.
Yuksel Holding and its subsidiaries, excluding Yuksel AS and its subsidiaries, had $8.13 million of debt as of Aug. 31. Yuksel Holding and the company did not have a material cash balance as of that date.
Yuksel Insaat is a construction company based in Ankara, Turkey.
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