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%

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