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Over the past years, Demirören Holding has received credits from various banks to finance its investments in the media, energy sector and games of chance. Negotiating with the banks to repay these credit debts, Demirören's credit debt restructuring, except for the accumulated interest, may top 2 billion US dollars (nearly 18 billion Turkish Lira), according to reports.
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While the total amount of the restructered credit debt was expected to be around 1.5 billion US dollars in the past weeks, diken.com.tr has reported based on Reuters news that while 800 million dollars of credit were received by Demirören from Turkey's state bank Ziraat Bank to purchase the media outlets of Doğan Holding in 2018, the holding reportedly received 1.2 billion dollars of credit for the sectors of energy and games of chance.
In order to pay this debt, the Demirören Holding has been negotiating with 8-9 banks, including the Ziraat Bank. Taken together with the 800-million-dollar credit obtained from the Ziraat to take over the media outlets of the Doğan Holding in 2018, the majority of this debt is to public banks.
Sources from the banks have said that the negotiations are expected to be highly tough on the part of Demirören Holding. Noting that there are more than one options on the table to collect the credit debt, the sources have said that the holding may have to dispose of some of its companies.
While Demirören Holding sold its energy companies Güzel Energy (Total Oil Turkey) and M Oil to OYAK in 2020, neither the Ziraat Bank nor the Demirören Group have yet made a statement about the recent allegations. (DE/HA/SD)
