Temsa quashes bank turmoil claims
Turkish PCV manufacturer, Temsa, has quashed claims in the press saying it is in financial trouble. According to press reports, banks have made moves to seize the company’s assets.
However, the difficulties with banks are associated with Temsa’s sale to Swiss-based investment fund True Value Capital Partners in June this year. The sale saw Temsa’s shares 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 the banks continued to be partially paid. A restructuring request was made for its loans with due maturity for 2020. In a statement, the company says it is continuing its investments, production and exports and is willing to continue all its activities.
However, due to the early recall of the loans and the foreclosures applied by the banks, it was forced to stop its activities. Translated from Turkish, the statement said: “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 the banks to understand the situation. We would like to thank our people, employees, business partners and all our customers and dealers for their trust.”
Over 1,000 Temsas in Germany
Temsa has celebrated reaching the milestone of 1,000 buses in the German market. Kaberich, which serves under the umbrella of Flixbus, has added 20 more Temsa LF 12 buses to its fleet.