ISTANBUL — Türkiye-based conglomerate Zorlu Holding has begun discussions with banks to restructure its outstanding loans, according to a report by Reuters citing two sources familiar with the matter.
The sources said meetings between the holding’s executives and bank representatives took place last week, though the exact size of the debt being restructured was not disclosed.
Asset Sales Could Be an Option
According to the report, most of Zorlu Holding’s loans are held by state-owned banks, while the remaining portion is with private lenders.
Sources also indicated that several real estate assets, including the Zorlu Center, have been pledged as collateral for existing loans. One source added that the conglomerate may consider selling assets to help repay its debts.
Zorlu Holding did not respond to Reuters’ requests for comment.
Bloomberg Report on Vestel Debt Talks
The Reuters report follows a separate story published a day earlier by Bloomberg regarding Vestel Elektronik, one of Zorlu Holding’s key subsidiaries.
Bloomberg reported that Vestel has been holding advanced negotiations with banks to restructure approximately $500 million in debt.
Vestel Statement to Investors
Following the Bloomberg report, Vestel issued a statement to Türkiye’s Public Disclosure Platform (KAP), saying the company continues to manage its financial obligations within its established financial risk management framework.
The company noted that its financial liabilities, cash flow projections, and debt management strategies are detailed in its publicly disclosed financial statements, adding that it continues to work with financial institutions as part of normal commercial relations.
The developments have drawn attention as Zorlu Holding is considered one of Türkiye’s major industrial and investment groups, with operations spanning electronics, energy, real estate, and manufacturing.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök