Yildiz Asks Banks for Biggest Ever Turkish Loan
- Conglomerate cites difficulties with current finance structure
- Letter sent to 10 banks seeks to consolidate loans to Yildiz
A worker prepares chocolates inside a Godiva Chocolatier Inc. store on Fifth Avenue in New York.
Photographer: Victor J. Blue/Bloomberg
Yildiz Holding, owner of companies including Godiva Chocolates and United Biscuits, requested the largest loan ever from Turkish banks, citing difficulties with an existing finance structure that requires it to make monthly loan repayments that can reach more than $1 billion.
In a letter to 10 banks dated Jan. 29, Yildiz asked them to create a consortium, syndication or joint finance group to consolidate their loans to Yildiz. The letter, which was viewed by Bloomberg and verified by two people with direct knowledge of its contents, was signed by Yildiz Holding Chief Financial Officer Mustafa Tercan and Ali Ulker, deputy chairman of the board.