Turkey's Cukurova Said to Mull Rejigging $1.6 Billion Loan
- Holding company to seek meeting with state-owned bank Ziraat
- Cukurova has so far only made interest payments on the debt
Photographer: Kerem Uzel/Bloomberg
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Turkey’s Cukurova Holding is considering whether to ask Ziraat Bank to restructure a dollar-denominated loan it took out from the state-owned lender five years ago, according to people familiar with the plans.
Cukurova has so far only made interest payments on the $1.6 billion loan and will seek a meeting with the bank before a pre-scheduled payment in July, should it decide to ask for the debt to be reorganized, the people said, asking not to be identified because the deliberations are private. The 10-year loan had a three-year grace period.