Communiqué on Board of Debt Instrument Holders was published
The Communiqué on Board of Debt Instrument Holders numbered II-31/A.1 (“Communiqué”) entered into force through its publication in the Official Gazette dated 11 September 2020 and numbered 31241. Pursuant to the Communiqué, the Board of Debt Instrument Holders (“BDIH”) has been defined as the board, which may convene upon the request of the issuer’s board of directors or debt instrument holders to resolve on the matters specified under the Communiqué.
The Communiqué divides BDIH into two groups, being Order BDIH and General BDIH. Order BDIH consists of debt instruments holders of any order and convenes upon request to resolve on changes, which may affect the investment decision of the investors regarding specific matters under the Communiqué or relevant documents. General BDIH consists of the debt instrument holders of other orders, which have not participated to the Order BDIH resolution and may be affected negatively from such resolution.
Pursuant to Article 4 of the Communiqué (Debt Instrument Owners' Board), the Order BDIH shall take a resolution to approve the changes in the documents related to the debt instruments which may affect the investment decision of the investors. Other debt instrument holders, which are of the opinion that the Order BDIH’s resolution may affect their rights negatively, may convene a General BDIH meeting and General BDIH may decline Order BDIH’s resolution with the specified quorums. In such case, the Order BDIH’s resolution does not enter into force.
The Communiqué will not be applied to the debt instruments which have been issued in foreign jurisdictions.
Please find the Turkish version of the Communiqué here.
All rights of this article are reserved. This article may not be used, reproduced, copied, published, distributed, or otherwise disseminated without quotation or Erdem & Erdem Law Firm's written consent. Any content created without citing the resource or Erdem & Erdem Law Firm’s written consent is regularly tracked, and legal action will be taken in case of violation.
Other Contents
The decision (Decision) of the Information and Communication Technologies Board (Board) dated 28.03.2023 and numbered 2023/DK-ID/119 entered into force through publication in the Official Gazette dated 01.04.2023 and numbered 32150. The Decision introduced amendments to the procedures and principles...
Following the publication of the Official Gazette dated 11.06.2022 and numbered 31863, The Law Amending the Attorneyship Law and Turkish Code of Obligations (“The Law”) has been entered into force...