Feb 09 2018

Godiva chocolate-maker in loan restructuring effort

Yıldız Holding, the Turkish owner of the Godiva chocolate brand, is in talks with 10 banks to restructure its loans, Bloomberg reported citing e-mailed correspondence with the company.

The move is designed to consolidate debt and keep projected growth rates intact, Bloomberg said.

The banks, led by Turkey’s Yapi Kredi, have offered to merge Yıldız’s separate loans into a single syndicated facility, the news wire said on Friday.

The loans Yıldız wants to restructure include the debt it took on from the $3.1 billion purchase of United Biscuits in 2014, Bloomberg reported, citing people familiar with the negotiations who it didn’t identify.

Yildiz said in a separate statement to the Istanbul Stock Exchange that its debts are low by international standards and its financial performance for 2017 exceeded market expectations.