March 7, 2018 / 1:50 PM / 9 months ago

UPDATE 1-Turkey's Yildiz working with creditors on debt refinancing -sources

(Adds source comment, details, background)

By Ebru Tuncay and Ceyda Caglayan

ISTANBUL, March 7 (Reuters) - Turkish food giant Yildiz Holding is working with its creditor banks to refinance debt, two people familiar with the matter said on Wednesday, a restructuring that one them said involved some $3 billion.

Yildiz, which owns international brands Godiva chocolates and McVitie’s biscuits and says it is the world’s third-largest biscuit maker, is expected to complete the refinancing within weeks, the sources said, declining to be identified because the information is not yet public.

“The amount that is in the process of being refinanced is around $3 billion, which the group used for acquisitions,” said one of the sources. “Talks with banks are ongoing and might be completed in one or two weeks.”

The company is working with banks to determine which of its assets will be used as collateral in the refinancing, the sources said.

Yildiz declined to comment.

The company also owns Istanbul-listed biscuit maker Ulker . (Additional reporting by Ezgi Erkoyun; Writing by David Dolan; Editing by Daren Butler)

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