Yıldız Holding denies problems, says in talks with banks for loan restructuring
Yıldız Holding has said that Turkish lenders offered to consolidate its separate loans and refinance them through a new syndicated loan in response to a Bloomberg News report, which initially claimed that the company wanted to extend its repayment dues.
Yıldız Holding has met with lenders following preliminary 2017 earnings and 2018 projections, the holding said in an e-mailed statement following a Feb. 9 Bloomberg report that the group was seeking to restructure debt with 10 banks.
“Based on the 2017 financial data prepared in accordance with the Tax Procedure Law, Ülker Bisküvi A.Ş. and related companies achieved record high growth in Turkey based on production, sales and export operations,” the company also said to the Public Disclsoure Platform (KAP) on Feb. 9, after the company’s shares fell 2 percent.
“Our company has a strong financial structure and its debt ratios are low compared to international standards and peers,” it said.