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DGGYO - Dogus Gayrimenkul Yatirim Ortakligi AS News Story

TRY9.76 0.0  0.0%

Last Trade - 20/04/21

Sector
Financials
Size
Small Cap
Market Cap £289.2m
Enterprise Value £403.0m
Revenue £12.6m
Position in Universe 110th / 644

UPDATE 2-Turkey's Dogus in talks with banks on debt restructuring -sources

(Adds Dogus statement, paragraph 10)
    By Ebru Tuncay
    ISTANBUL, April 7 (Reuters) - Turkey's Dogus Holding
 DOGUS.UL  is in talks with banks on debt restructuring, sources
familiar with the matter said on Saturday.
    Dogus' outstanding loans stood at 23.5 billion Turkish lira 
($5.81 billion) at the end 2017, up 11 percent from the year
before, including loans worth 7.5 billion lira maturing this
year. 
    Loans of around 18.6 billion lira were denominated in euros
and dollars with maturities from 2020 to 2030, the company's
statements showed, while the rest were denominated in lira or
other currencies.
    One source familiar with the talks told Reuters that most of
the company's loans were project finance loans and would not
need restructuring. Dogus asked for a maturity extension on less
than half of its bank debt, the source said.
    Dogus "has the ability to pay" and a maturity extension of a
few years would "ease the burden" on the company, the source
added.
    The Hurriyet newspaper said Dogus had started talks with 10
banks on its outstanding loans. 
    "There is a problem in the group's cash flow, and it is
normal for it to start talks with banks in this regard," another
source said.
    Two sources said Dogus was considering asset sales.
    In a statement on the website of its broadcaster NTV, Dogus
said it operations with banks continued "normally".
    "Our operations with banks continue normally, as they have
until today, and our operations to contract and settle project
finance and syndication loans continue," the company said.
    Dogus Holding operates in various sectors, including
construction, energy, media, tourism and automobiles, where it
is the sole Turkish importer and distributor for Volkswagen
 VOWG.DE .
    It reported a loss of 2.3 billion lira in 2017 after a 2
billion lira loss in 2016. Its sales last year rose 16 percent
to 20.4 billion lira.
    ($1 = 4.0442 lira)

 (Additional reporting by Birsen Altayli and Can Sezer; writing
by Tuvan Gumrukcu; editing by Jason Neely)
 ((tuvan.gumrukcu@tr.com; +903122927021; Reuters Messaging:
tuvan.gumrukcu.thomsonreuters.com@reuters.net))
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