Shares accounting for 49% of the full capital of the mega-port Galataport within the heart of Istanbul will likely be taken over by a gaggle of creditor banks as a part of the restructuring settlement introduced on Tuesday.
In separate statements to the Public Disclosure Platform (KAP), the banks confirmed that Galataport and all collectors had signed a restructuring settlement.
According to the statements, the creditor banks will take 49% of the shares representing Galataport’s whole capital, primarily based on the rates of interest.
Turkish tycoon Ferit Şahenk’s Doğuş Holding Inc. was reportedly in talks to doubtlessly switch a part of his stake in an Istanbul port and shopping center firm to lenders over a 1.02 billion euro ($1.1 billion) unpaid mortgage, Bloomberg News reported in October.
The conglomerate obtained a mortgage in 2016 to construct a cruise port and shopping center complicated in Istanbul.
“An agreement has been reached by all lenders, including our Bank, for the restructuring of the debts provided to Galataport Istanbul Liman İşletmeciliği ve Yatırımları A.Ş. (“Galataport”) and Doğuş Galataport Gayrimenkul Yatırımları ve Ticaret A.Ş. (“Doğuş Galataport”) under the loan agreements and related financial documents in accordance with the Regulation on Restructuring of Debts to the Financial Sector and related legislation, and a restructuring agreement was executed by and between the parties,” the Garanti BBVA mentioned in a press release on Tuesday.
“In order to collect a portion of the loans within the scope of the agreement, 49% of the shares representing the total capital of Galataport will be acquired by the lending banks in accordance with their pro-rata ratios by granting a three-year repurchase right to Doğuş Galataport,” it added.
In this context, it was acknowledged that Garanti BBVA is predicted to take over the shares comparable to 12.28% of Galataport’s capital by the top of 2024.
Yapı Kredi additionally introduced in a KAP assertion {that a} 13.2% share switch is predicted.
Other lenders, together with Iş Bank, additionally introduced of their assertion {that a} 7.18% share takeover is predicted from Galataport. The Industrial Development Bank of Türkiye (TSKB) additionally acknowledged {that a} 5.23% share switch is predicted.
Source: www.dailysabah.com