November 21, 2018 / 5:47 AM / 20 days ago

Turkey revises debt re-structuring regulation

ISTANBUL, Nov 21 (Reuters) - Turkey ruled that foreign credit entities and international institutions are allowed to join re-structuring processes, regardless of consent from other creditors, a statement on the Official Gazette said on Wednesday.

It also narrowed the definition of debtors to non-financial companies.

Companies seeking to re-structure their debt need to be able to prove that they will gain the ability to re-pay their debt within a reasonable period, the statement said. In a previous ruling no time frame was given to the indebted companies. (Reporting by Can Sezer Writing by Ali Kucukgocmen Editing by Shri Navaratnam)

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