The regulations on the configuration of companies’ bank loans were changed. The regulation added that the companies requesting restructuring are determined to be able to repay their debts in a “reasonable” time.
The regulation amendment of the Banking Regulation and Supervision Agency (BRSA) was published in the Official Gazette. According to the new regulation, the provision of payment within the “reasonable” time period has been added to the requirement of determining the ability of the company, which wants to be restructured, to repay its debts.
Foreign credit institutions and international institutions
It were also included in the restructuring process. During the restructuring, the provision that interest rates and additional financing will not be provided to borrower companies below the market rate has been abolished.
In the same section of the regulation, the statement “The Board will be deemed appropriate by the Board, which will be determined by an institution that will be determined by the Board and that will be determined by the Board, and that will determine the financial status of the borrowers to be included in the scope of financial restructuring on behalf of the creditors who will sign the Financial Restructuring Framework Agreements ”.
As a result of this change, the determination of the financial status of the borrowers will be made by the institutions to be determined by framework agreements.
The requirement to configure all creditors was removed
Some articles have been amended in the section of the Regulation where the provisions regarding the “Financial Restructuring Framework Agreements” are determined. Accordingly, if the contract with a borrower within the framework of the framework agreements is signed by the majority of the creditors who signed the framework agreements, which constitute two thirds of the receivables, the restructuring of the receivables has been made compulsory by all the creditor organizations that signed the framework agreements.
On the other hand, it has been ruled that the procedures and principles regarding the participation of foreign credit institutions and international institutions in the financial restructuring process will be determined by framework agreements and they can be included in financial restructuring upon their request, regardless of the consent and acceptance quorum of the creditor institutions.
In the regulation where the minimum elements of the financial restructuring framework agreements were determined, the new article was determined as follows:
“If the signers of the framework agreements do not fulfill their obligations arising from these agreements, the Arbitral Tribunal is formed to be responsible for the resolution of the disputes that may arise. The Board of Arbitrators consists of three people who are impartial and appointed by the board of directors and who have the knowledge and experience required by their duties. The Board of Arbitrators takes its decisions with the votes of at least two members in the same direction. Working principles and procedures of the Board of Arbitrators and the decisions and results of the decisions taken are shown in the framework agreements. “