Turkish coach, bus and light truck maker Temsa is having problems repaying its loan debts to the banks, Dunya business daily has reported.
Company officials declined to comment. The newspaper claimed that creditors have taken legal action against the vehicle producer.
Dunya earlier this week said that Temsa was forced to suspend production until December 23 because of its unspecified financial troubles.
Sabanci Holding, Turkey’s second largest industrial group, divested its stake in Temsa to Switzerland-based True Value Capital Partners for a consideration of Turkish lira (TRY) 183mn.
Temsa produces around 10,000 units of coaches, buses and commercial vehicles annually at its plant in the province of Adana on the Mediterranean coast.
Turkey’s automotive industry is having a bad year. Local sales have collapsed. The latest data showed that auto sales plunged as much as 28% on an annual basis to 389,000 units in January-November. The passenger car market contracted 26% y/y while light commercial vehicle (LCV) sales dropped nearly 39% y/y in the first 11 months of the year.
The European Bank for Reconstruction and Development (EBRD) has signed portfolio risk-sharing facilities with two Ukrainian banks, UKRSIBBANK BNP Paribas Group and ProCredit Bank Ukraine (PCBU). The ... more
Austria's Raiffeisen Bank International (RBI) increased its pre-tax profit in Russia in 1Q25 by over 25% year on year to €575mn ($651mn) due to the stronger ruble, Reuters reports. In ... more
Erste Group acquired a 49% stake in Santander’s Polish bank for approximately €6.8bn, the Austrian lender said on May 5. The Austrian bank, the country’s largest, also agreed to purchase 50% ... more