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Park Fails to Make Downpayment for Istanbul Grid by Deadline

Park Holding AS didn’t make a downpayment to buy a power grid on Istanbul’s European side from the government by a deadline of 6 p.m. local time today.

The asset sales agency in Ankara will make an official statement following a meeting of a committee in charge of the sale, an official at the agency said by telephone today.

Park Holding offered $2.5 billion for the grid in an auction in 2010. Park came third in bidding and was invited to pay for the asset after the top two bidders dropped out.

The grid would need to be re-sold by the agency because Park was the final bidder.

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