In its written application dated December 30, 2003 that was submitted to our Bank today, Çukurova Holding A.S. has stated that:
In relation to the interest payment of US$ 98,937,601 due on December 31, 2003 to our Bank according to the Financial Restructuring Agreement signed between our Bank and Çukurova Group companies on December 31, 2002; they are using their rights as stated in Article V.6 of the same agreement and will make the payment during a period of 60 days with the interest as also stated in the agreement.
In order to have a new agreement to about the early redemption of their debts to our Bank and Savings Deposit Insurance Fund (SDIF) that were previously restructured for 9 and 15 years, respectively, they have submitted written proposals to the Banking Regulation and Supervision Agency and the SDIF on December 1, 5 and 15, and if these proposals are accepted, they are going to fully redeem their debts to our Bank in two years, and those to SDIF in one year.
Yapı Kredi / 31 Dec 2003