'FORECLOSURE' STATEMENT FROM TEMSA

Temsa, which was established in 1968 and has been operating in a manufacturing facility of 510 thousand square meters in Adana since 1987, made a statement regarding the decision to stop production and foreclosures. TEMSA, which stopped production for 2 weeks after the sale,made an official statement. According to the company description, "Ourcompany has had to stop its activities due to the fact that banks get processing their loans before maturity and foreclosures applied."

'FORECLOSURE' STATEMENT FROM TEMSA

Temsa, which was established in 1968 and has been operating in a manufacturing facility of 510 thousand square meters in Adana since 1987, made a statement regarding the decision to stop production and foreclosures. TEMSA, which stopped production for 2 weeks after the sale,made an official statement. According to the company description, "Ourcompany has had to stop its activities due to the fact that banks get processing their loans before maturity and foreclosures applied."

The automotive giant TEMSA, which manufactures more than10,000 buses, midibuses and light trucks per year, and operates inapproximately 70 countries, including the USA and the European Union, is cause ddiscussions due to firstly sold to the True Value Capital Partners fund and stopped in manufacturing. Today, the official announcement made from TEMSA Transportation Vehicles Incorporated Company.

REQUESTED OF RESTRUCTURING

TEMSA stated that restructuring is also requested for the loans that are maturity in 2020 and TEMSA made the following statement:

“The shares of TEMSA has been transferred in 30 May 2019 from Hacı ÖmerSabancı Holding İncorporated Company and Sabancı Family, to True Value Capital Partners S.A., in accordance with the law. And after the transfer, all its activities continued increasingly. As of the end of November 2019, 11-month exports reached $ 104 million. During this period, the Company's debts to banks continued to be partially paid. For the loans that are maturity in 2020, are structuring request has made.”

ACTIVITIES STOPPED

Stating that as TEMSA Transportation Vehicles Inc. wants to continue their activities, and in addition: It should be emphasized that Our company TEMSA Transportation Vehicles Inc. , which continues its investments, production and exports rapidly, is willing to continue all its activities. The biggest evidence of this is the 26 million dollar export connection which has been advances for the first quarter of 2020. However, our company was forced to stop its activities due to the fact that banks get processing their loans before maturity and foreclosures applied."

“WE ARE EXPECTING THE BANKS TO BE MORE UNDERSTANDING”

TEMSA Transportation Vehicles Inc. is also mentioned that:"As soon as these problems are solved, in case of need the financialstructure of the company is strengthened by capital increase, with the power ofour brand and employees. We will continue to contribute to our country'semployment, production and export with an even greater increase. At this point,where legal processes continue, we expect banks to understand the situation.

If need to sums up, unfortunately, the proceedings are legal, but not suitable in terms of commercial ethics. The borrower either manages the money as receiving to an investment or uses it to settle existing debts. At this point, the debtor, who is using credit by undertaking interest risk and after allocating this money to another area, is left in a difficult situation by banks/lenders. Due to the lender's getting processing the loan before maturity, the debtors in many cases may go bankrupt. Obviously, the will of the parties in the signing of the loan agreements is intended to improve the economic situation of the borrower. In my opinion; justice which is provided to the parties when signing the contract, should be of the same power in cases of termination. In this respect, the termination of the loan agreement should not damage the purpose of the use of the loan, should not cause damages in terms of business life for the debtor. In the termination of the loan agreement, the measures to protect the creditor should not harm the balance of benefits. The benefits of the debtor and the creditor must be kept in balance.

Attorney at Law Gizem Demir / Güneş & Güneş Law Firm
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