Turkish Companies Seek Fresh Debt Restructuring as Virus Hits

Debt-laden Turkish companies are seeking more time to repay bank loans after the coronavirus pandemic upended plans to sell assets, according to four sources with direct knowledge of the matter, Reuters reported. Even before the virus hit Turkey in March, firms were seeking lower rates from banks after an aggressive monetary easing campaign and since then, large and small companies are looking for further revisions to nearly all of the restructurings agreed in the past two years, according to one of the sources. Conglomerate Dogus was among the companies preparing for talks, according to the source, who requested anonymity. In response to a query from Reuters, Dogus said: “Our regular and usual negotiations with banks are, as always, underway within the framework of good relations.” Read more

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