Turkey’s richest man in bid to refinance $7bn debt
Istanbul — Murat Ulker, Turkey’s richest man and owner of Godiva chocolates and McVitie’s biscuits, said he met five bank bosses to renegotiate as much as $7bn of debt for his company Yildiz Holding. The refinancing request reveals previously unknown money challenges at one of Turkey’s largest conglomerates. "We spoke about many details," Ulker said, adding that he was "moved" and "pleased" at the support from the bank bosses. The meeting was held on Tuesday evening in Istanbul. Ulker and the bankers discussed how they were committed to resolving the debt issue but did not go into details of any restructuring or new facility. Ulker Biskuvi Sanayi, a unit of Yildiz that makes snacks, fell 1.6% to 22.20 liras ($5.83) after reversing gains of as much as 1.8% in Istanbul. Gozde Girisim Sermayesi, a private equity arm of the group, rose 2.9% to 5.71 liras. In February, Istanbul-based Yildiz requested the largest loan yet from Turkish banks, citing difficulties with an existing financing ...
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