Turkish coach and bus manufacturer Temsa has temporarily ceased production of vehicles.
Dunya reports that Temsa Transportation Vehicles Inc issued the following statement on 13 December: “Temsa’s shares were transferred to Hacı Ömer Sabancı Holding A.Ş. and Sabancı Family, True Value Capital Partners SA. As of the end of November 2019, 11-month exports reached £104m. During this period, the company’s debts to banks also continued to be partially paid. In 2020, a restructuring request was made for our loans with due maturity.
“It should be emphasized that our company, Temsa Transportation Vehicles, which continues its investments, production and exports rapidly, is willing to continue all its activities. The biggest indicator of this is the £26m export connection which has been advances for the first quarter of 2020. However, due to the early recall of the loans by the banks and the foreclosures applied, our company was forced to stop its activities.
“As soon as these problems are solved, we will continue to contribute to the employment, production and export of our country with an even greater acceleration by strengthening the financial structure of our company with the capital increase in case of need, and with the power of our brand and employees. At this point, where legal processes continue, we expect banks to understand the situation.”
CBW will bring you further details as and when they are released.
