ISTANBUL, Sept 6 (Reuters) - The Turkish Aeronautical Association (THK) said on Friday that its bank debt amounting to 1.4 billion lira ($245.36 million) is being restructured upon instructions from President Tayyip Erdogan.
THK Chairman Bertan Nogaylaroglu said on the association’s website that its debt owed to state lender Vakifbank was restructured on Friday and the rest of the 1.4 billion lira debt would be restructured within a week.
“We have quickly reached a deal and signed an agreement with Vakifbank, which is our largest creditor, for the restructuring of our debt,” Nogaylaroglu said in the statement.
THK’s tax and social security debt will also be restructured as soon as possible, the letter said. ($1 = 5.7058 liras) (Reporting by Ali Kucukgocmen Editing by Daren Butler)