Turkey's Zorlu to Tackle $4.9 Billion Debt With Job Cuts, Sales

Turkey's Zorlu to Tackle $4.9 Billion Debt With Job Cuts, Sales

(Bloomberg) — Zorlu Holding, one of Turkey’s largest conglomerates, is readying asset sales and job cuts as part of a sweeping overhaul to ease investor concerns about its $4.9 billion debt burden. The company has already extended a portion of its loan maturities.

Zorlu Holding to cut jobs, sell assets in $4.9 billion debt restructuring - Turkish Minute

Zorlu Holding, one of Turkey’s largest business groups, has launched a major restructuring plan that includes selling assets and cutting jobs as it works to manage a $4.9 billion debt burden, Bloomberg reported. The İstanbul-based company will lay off 2,000 workers, about 10 percent of the staff at its electronics division, Vestel Elektronik, and sell off parts of its business. It is also refinancing debt and looking to stabilize its finances af…

Turkey’s Zorlu to cut jobs and sell assets

Zorlu Holding, one of Turkey’s largest industrial groups, is selling assets and letting go of least 10 percent of its staff to help meet its debt obligations, Bloomberg reported. The Istanbul-based group, which operates in real estate, energy and manufacturing, has nearly $5 billion in outstanding loans and has already extended some of its loan maturities, Bloomberg reported, citing only ‘informed’ sources. As part of the cost-cutting efforts, Z…

Zorlu CEO Yüngül: Layoffs of 2,000 Confirmed, But Entirely for Efficiency

Zorlu Holding CEO Ömer Yüngül confirmed plans to lay off 2,000 employees, stating the decision is driven purely by a focus on efficiency. Speaking to Bloomberg HT, Yüngül addressed reports by Bloomberg regarding the company’s restructuring efforts, saying, “We’ve shifted our investments toward the U.S., and we expect good news in September.” Bloomberg previously reported that Zorlu Holding is preparing for one of Turkey’s largest corporate restr…

Zorlu Holding is entering a radical restructuring process to combat economic turmoil and a $4.9 billion debt burden. Holding CEO Ömer Yüngül confirmed that 2,000 employees will be laid off at Vestel, while asset sales plans are also on the table.