Turkish 10 lira banknotes are seen in this illustration picture, January 28, 2014. REUTERS/Illustration/Murad Sezer
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Turkish technology retailer Bimeks is planning to cut costs and restructure most of its debt, after a botched military coup interfered with its ability to raise financing last year.The company's new debt facility has a maturity of six years with a one-year grace period, and will be provided by 18 Turkish banks including state-run lenders.Bimeks Bilgi Islem ve Dis Ticaret AS, as the retailer is formally known, will refinance all of its outstanding debt, excluding the bond repayments that are due through 2018, Selcuk said. While he declined to give the amount of the loan, the company had 353 million liras ($93 million) of outstanding debt including bond repayments totaling 95 million liras, according to data compiled by Bloomberg.
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