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Godiva Owner Reaches Agreement to Restructure $5.5 Billion Loans

  • Yildiz Holding made interim payment of $500 million to banks
  • Some of Turkey’s biggest companies are refinancing debt

Photographer: JB Reed/Bloomberg

Yildiz Holding AS, the global sweets company owned by Turkey’s richest man, reached a final agreement to refinance $5.5 billion of debt in the country’s biggest loan restructuring.

Yildiz, owned by billionaire Murat Ulker, signed an agreement with banks for a new four-year loan that can be extended by another four years if the outstanding debt falls below a certain threshold, Chief Financial Officer Mustafa Tercan said in emailed comments, confirming an earlier Bloomberg report.