ISTANBUL - Turkiye Garanti Bankasi (IS:GARAN) A.S. (TGBD), along with other lenders, has reached an agreement for the restructuring of debts owed by Galataport Istanbul Liman Isletmeciligi ve Yatirimlari A.S. ("Galataport") and Dogus Galataport Gayrimenkul Yatirimlari ve Ticaret A.S. ("Dogus Galataport"). This restructuring is in line with the Regulation on Restructuring of Debts to the Financial Sector and related legislation.
As part of the restructuring agreement, the lending banks will acquire 49% of Galataport's shares in proportion to their loan amounts. This transaction will also include a three-year repurchase right for Dogus Galataport.
Garanti Bank is expected to obtain a 12.28% stake in Galataport by the end of 2024. The bank has committed to informing the public of any significant developments concerning this matter.
This announcement is based on a press release statement and aims to provide factual information without any endorsement of claims. It reflects the current actions taken by the involved parties as per the disclosed information. Further details will be shared with the investment community as they become available.
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