Demiroren in talks to restructure debts of USD 1.5bn

The media company Demiroren Holding is in talks to restructure about USD 1.5bn of loans including funds used to finance its acquisitions of several newspapers and television stations, according to people with knowledge of the matter, Bloomberg reported.

Backed by the state lender TC Ziraat Bankasi AS, Demiroren Holding AS paid almost USD 1bn to Dogan Sirketler Grubu Holding AS in 2018 to buy outlets such as mass-circulation Hurriyet daily and CNN Turk, which often faced accusations of bias against the government.

Demiroren, which has interests in real estate, energy, betting and the lottery business, has also borrowed from other lenders including state banks, bringing the total amount under negotiations for restructuring to USD 1.5bn.

The Istanbul-based group is negotiating with Ziraat after originally borrowing around USD 700m from the state lender for the acquisition of media assets. Adding accrued interest, the amount to be restructured has reached USD 850m.

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