Dardanel parting ways with ADM and Yıldız

ISTANBUL - Hürriyet Daily News

Dardanel founder Niyazi Önen says in a filing to the stock exchange that the potential partnership between Dardanel and ADM Capital and Yıldız is off the table. Hürriyet photo

Frozen foods company Dardanel has announced to the Istanbul Stock Exchange (İMKB) that it is pulling out of its potential partnership with ADM Capital and Yıldız Holding, the parent company of Ülker, which had purchased Belgian Godiva Chocolates last year.

Dardanel, which was established by Niyazi Önen in 1984, hit a rough patch due to the 1999-2000 crisis and had turned to ADM Capital and Yıldız Holding in order to raise capital.

In Dardanel’s announcement to the stock exchange, Önen said that although the company had reached an agreement with ADM Capital and Yıldız Holding, and had signed and submitted all the necessary paperwork to the Competition Board and the Capital Markets Board (SPK), the partners had not fulfilled their obligation to pay-off Dardanel’s debt.

Dardanel also said it would continue to look for partners in order to close its debts, and that it would negotiate with the banks to either delay its debt re-payments or to completely clear the debt.