Yapi Kredi reschedules Cukurova’s debts

The Cukurova group, which owns 37 percent of Yapi Kredi, has nine years to pay off the loan at 3.5 percent more than the London interbank offered rate, the bank said in a statement to the Istanbul Stock Exchange.
Yapi Kredi had a net loss of $570 million in 2001, when 56 percent of its loans were non-performing. The agreement will be an ed if Cukurova doesn’t reach an accord with regulators to settle debts owed to Pamukbank TAS, which was seized in June, the bank said. Regulators have taken over 20 banks since 1999.