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.
Related Articles
Financial Stability Board publishes recommendations on nonbank leverage risks
Global regulator, the Financial Stability Board, published final policy recommendations to address financial stability risks from nonbank financial intermediation leverage, giving authorities ... more
Non-performing loans hit historic low in CESEE, but early warning signs emerge, says EBRD
Non-performing loans (NPLs) in central, eastern and south-eastern Europe (CESEE) fell to their lowest levels since the global financial crisis in 2024, but early indicators suggest rising risks ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
15 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago