Paint & Chemicals Co.- Port Co.-Holding Co.

 

• One of the largest paint, resin, alkyd and PVA producer as of today in Turkey

• The Group owned petrochemical tankers, petrochemical storage and port facilities in Marmara region

• It was also in real estate development

• Investments were made with short term debt and these were slow to generate the necessary cash for debt service

• Debt stock was 50% higher than its revenues and the company defaulted on its obligations

• Group CEO position was assumed for 2 years

• Revenues increased by 145% and debt stock reduced by 60%

• Headcount reduced by 20% and volumes of production increased by 180%