In the Board of Directors' Meeting held on December 25, 2002;
It was decided to apply to Türkiye Sy'nai Kalky'nma Bankasy' A.S (the Financial Restructuring Program Coordination Secretariat), as the Leader Bank for the financial restructuring (Istanbul Approach) of our Bank's receivables from Çukurova Holding A.S. and the companies within such holding company.
Please note that, following the finalization of the financial restructuring and repayment agreement, the provisions related with such exposure will be reversed and such receivables will become foreign currency interest earning assets.
We will inform you on further details as soon as the agreement is finalized.
Yapı Kredi / 26 Dec 2002