Negative developments in Turkish economy have made the leading investment groups unable to pay their debts. Gama Holding has also asked lenders for debt restructuring after the leading capitalist groups like Yıldız Holding and Doğuş Holding.
Gama Holding, an Ankara-based investor with interests spanning energy, construction, hospital management and manufacturing, negotiates with lenders to restructure its credit debts, which is about $1 billion, according to a report in Bloomberg.
The report indicates that one of the holding company’s biggest units, Gama Energy, is also in talks with the lenders for refinancing of $500 million of a loan received to build a gas-fired power plant in 2013.
No statement has been made from Gama Holding regarding the issue yet.
Yıldız Holding, a Turkish company producing global sweets owned by Turkey’s richest person Murat Ülker, had previously asked for debt restructuring to refinance his $5.5 billion of debt
Another big capitalist group Doğuş Holding had applied for the restructuring of a debt burden of approximately $5.8 billion on April 2018.
