Atateks, a privately owned company established in 1990, is a technical textile company producing nylon, nylon products and seamless garments. It is one of the larger textile manufacturers in Turkey, operating four plants and providing employment for over 1,300 people, in an industry that has been marked for its structural problems.
The financial debt of the Company was a total of 98 USD million, which it owed to 14 local financial institutions and 1 international creditor.
Reform Kurumsal spent the first 30 days collecting information from the company, attempting to discover true depth of the problem and preparing exhaustive reports to the creditors. Reform Kurumsal then formulated the restructuring model for the Company and advised on all stages of protocol drafting. As a result of a six month effort, the protocol agreement has been signed in February of 2009. The agreement anticipates rescheduling the principal payments, delaying interest, additional working capital funding in return for providing additional collateral to the creditors.Reform Kurumsal worked in collaboration with the leading financial creditor and also secured the participation of all other creditors without exception.
Reform Kurumsal’s restructuring efforts, which coincided with the most painful and acute period of the global crisis, helped the Company survive and continue its operations and also allowed its creditors a chance to capitalize on their investments.