Loan Participation Notes

RNS Number:5023J
HD Capital S.A.
07 December 2007


                                   HD CAPITAL S.A.
                                  Societe anonyme
                            3-5 place Winston Churchill 
                                 L-1340 Luxembourg

Notice to be served to the market through a Regulatory News Services to the
noteholders of the EUR 50,000,000 10.75% Loan Participation Notes due 2011
issued by HD Capital S.A. for the sole purpose of financing a EUR 50,000,000 
loan to Profilo Telra Elektronik Sanayi ve Ticaret A.S. ("Profilo")


HD Capital S.A. received a letter from Profilo advising that it will not be able
to pay the interest for a total amount of EUR 5,375,000 due on December 7, 2007
under the loan agreement relating to a EUR 50,000,000 loan to Profilo by HD
Capital.

As a consequence, HD Capital S.A. will not be able to pay the amount of EUR
5,375,000 due to the noteholders on December 7, 2007 as interest on the 10.75%
loan participation notes due 2011 issued by HD Capital S.A. and listed on the
London Stock Exchange.

For information purposes, please find attached the letter sent by Profilo to HD
Capital S.A.

Riccardo MORALDI
Sole director HD Capital S.A.

Luxembourg, December 7, 2007
 

Letter to :    HD CAPITAL
Letter dated : 30th November, 2007
 

Ref: HD Capital Loan euro 50 mio Profilo Telra


For the attention of the board of Directors 

Attn. Mr.Ricardo Moraldi

As a short summary, year 2007 was a difficult year for the members of the
Electronic Industry on the whole world. Being a member of this industry Profilo
Telra also suffered from the outcomes of this difficult term. The management of
the company did their utmost to overcome the difficulties, took serious measures
and succeeded to keep the business running. Following the measures taken by the
management the operation started to reflect  results by October 07 and
the management is optimistic for 2008. During this period the most important
factor for the operation was to maintain the cash flow and is still so.

Strategically the management did their best to allocate the most possible of
generated cash flow to operation and manufacturing and tried their utmost to
postpone the payback of credit principals to the banks. Thanks to the positive
and supportive approach of Turkish banks which acted positively, understood the
strategy of the company and cooperated in rescheduling the payments . This
cooperative approach of our banks created a great impact on routing the
generated cash to operational and manufacturing processes.

During this term and as well as for the next coming few months, in order to run
the business positively, the company need to allocate the whole cash, which is
generated out of the operation, again into the operation. So any financial
resource to be used for other purpose than operation, will definitely create a
negative affect for the success of the operations. 

Having this situation in hand, the management deeply and seriously evaluated the
situation of the interest payment of the reference loan. And decided to carry 
the case into your evaluation and expecting that, as our other financial partners
did, you will understand and agree on the situation that for the sake of the
successful operation of the company, the interest payment may be rescheduled
and allowance for payment in four or five instalments are given.

Within this scope we kindly ask you to take necessary steps, contact to related
parties and give us the green light that we can pay the interest in portions as 
Euros 447.917.- in december, 

The company will do her utmost for the remaining interest payments to be paid
as euros 447.917.-on each month starting from Jan 08 to Nov 08,

We kindly ask you to inform Dresner bank and your creditors as well as the other
related parties about our goodwill to satisfy them as above

Hoping to get your immediate actions necessary and your positive reply urgently. 


Letter from : Profilo Telra
 





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