Turkish coach and light truck maker Temsa reportedly in debt repayment difficulties with banks

Turkish coach and light truck maker Temsa reportedly in debt repayment difficulties with banks
A Temsa Diamond coach. / Martin Hawlisch (LosHawlos.)
By bne IntelliNews December 12, 2019

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.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Uzbekistan’s key rate held at 14% as central bank points to fears over reacceleration of inflation

Uzbekistan's central bank on April 25 kept its benchmark interest rate on hold at 14%, pointing to risks that inflation could once more accelerate. Planned hikes of state-regulated prices for ... more

Ukraine's DTEK seeks $350mn to restore energy capacity after Russian attacks

Ukraine's leading private energy company, DTEK, has sounded the alarm, indicating an urgent need for $350mn to recuperate lost capacity resulting from Russia's relentless assaults on thermal power ... more

Kazakhstan can expect GDP growth of 3.1% this year and 5.6% next, says IMF

The International Monetary Fund (IMF) projects real GDP growth of 3.1% this year and 5.6% in 2025 for Kazakhstan in its newly released ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    8 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Don't mention the "D" word - Ukraine
    5 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    3 days ago
  5. Europe unlikely to tackle Russian LNG imports anytime soon
    2 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    26 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    30 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    28 days ago
  5. Saudi Arabia to scale back plans for Neom city
    15 days ago

Reports

Dismiss