Corrected: BUZZ-Zorlu Enerji drops after seeking to postpone coupon payment
CORRECTED-BUZZ-Zorlu Enerji drops after seeking to postpone coupon payment Corrects last bullet to reflect ownership of subsidiaries
** Shares in Turkey's Zorlu Enerji ZOREN.IS fall 9% to their lowest in more than four years after the power producer said it was asking bondolders to postpone a coupon payment
** Zorlu is seeking bondholder consent to defer a $60.5 million payment on its eurobonds due on October 23 to April 23, 2027
** Brokerage Gedik Yatirim says the development reinforces concerns over Zorlu's liquidity position
** "The Arrangement may provide the company with additional time, it does not resolve the funding gap," the brokerage says
** The stock is among the worst performers on Istanbul's BIST 100 index .XU100, which is down 1.6%
** Including the session's fall, the stock has dropped by 55% YTD
** Shares in companies owned by Zorlu Enerji's parent, Zorlu Holding, Vestel Elektronik VESTL.IS and Vestel Beyaz Esya VESBE.IS are down 9.2% and 8%, respectively
(Reporting by Arda Dipova)
Recent news on Zorlu Enerji Elektrik Uretim AS
See all newsTurkish industrialist Ahmet Nazif Zorlu dies, company says
Brief: Zorlu Enerji Says Energy Market Regulatory Authority Approves Termination Of Pre-License For Zorlu Dogal Elektrik Uretimi
Corrected: BUZZ-Zorlu Enerji drops after seeking to postpone coupon payment
Turkey's Zorlu Enerji seeks bondholder consent to defer coupon on $1.1 billion eurobond (updated)
Brief: Zorlu Enerji Says It Seeks Consent To Defer $60.5 Million Coupon Payment To April 2027