Debt Is Piling Up for Owner of Salt Bae Steakhouse

The financial woes of Dogus Holding AS are only getting worse even as the Turkish owner of the Salt Bae steakhouse chain goes on a selling spree to help restructure debt, Bloomberg News reported. The Istanbul-based investment-holding group, controlled by Turkish billionaire Ferit Sahenk, has been disposing mainly of hotels over the past year as part of a December agreement with lenders to renegotiate the terms on $2.5 billion of debt. The pact doesn’t cover half of Dogus’ liabilities, which soared 17 percent in 2018 to 28.6 billion liras ($5.2 billion), according to financial statements published on its website. Almost half of those are loans due this year. Like many other Turkish companies, the owner of the Nusr-Et steakhouse, popularly known by its founder chef’s meme Salt Bae, is struggling to repay foreign-exchange loans after the lira plunged in value. The firm also has interests spanning marina and entertainment businesses. Read more