Vestel Elektronik, Vestel Beyaz Esya jump after debt restructuring move
BUZZ-Vestel Elektronik, Vestel Beyaz Esya jump after debt restructuring move ** Shares in Turkey's Vestel Elektronik VESTL.IS and Vestel Beyaz Esya VESBE.IS surge after the companies applied to banks for financial restructuring of their debt
** Vestel Elektronik, a Turkey-based manufacturer of consumer electronics and electrical appliances, rises as much as 10% to 28.64 lira
** Vestel Beyaz Esya, which produces household appliances such as refrigerators, washing machines and air conditioners, also gained around 10% to hit its daily upper limit at 7.40 lira
** In a filing late on Friday, the companies said the application aims to align repayment schedules and maturities of consolidated loans with cash flows generated from operations
** Vestel Eletronik stock is on track for a best day since Nov. 24, when it closed 10.0% higher
** Brokerage Deniz Yatirim says in a note the move should be seen as the next step in ongoing restructuring talks, adding it views the development as positive for strengthening Vestel's currently weak financial structure
(Reporting by Canan Sevgili)
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