Galatasaray Rescues Season With $129 Million Deal: Turkey Credit
By Onur Ant and Selcan Hacaoglu May 09, 2014
Turkey’s Denizbank AS (DENIZ) is helping soccer team Galatasaray salvage its season with a $129 million debt agreement.
The Istanbul-based club reached an accord on May 5 with Denizbank to restructure its debt a week after its hopes of overtaking rival Fenerbahce (FENER) to retain the league title vanished. The deal extended the maturity of short-term liabilities, lowered interest-rate payments on dollar loans and converted 73 percent of Galatasaray’s total borrowings into liras, the club said in a filing to the stock exchange.
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