Turkey's Zorlu Holding in debt restructuring talks with lenders, sources say

Zorlu Enerji Elektrik Uretim AS

26/02/2026 14:01

By Can Sezer and Ebru Tuncay

ISTANBUL, Feb 26 (Reuters) - Major Turkish holding company Zorlu began talks with state banks to restructure its debts, according to two people familiar with the private talks, in what could be the largest Turkish corporate loan structuring since the 2018 lira crisis.

Zorlu Holding, which owns valuable real estate as well as loss-making appliance and electronics firm Vestel Elektronik VESTL.IS, held CEO-level talks with state banks and smaller private lenders last week to begin setting out a restructuring plan, the two sources said.

The company had placed assets including Zorlu AVM, a signature Istanbul shopping mall, as collateral with state banks, the sources said, requesting anonymity while the talks continue.

One of the people told Reuters that Zorlu's assets were potentially up for sale to cover recent losses in some sectors.

It was unclear how much debt Zorlu sought to restructure.

Zorlu had around $3.2 billion equivalent of loans at the end of 2024, according to its latest available financial report. Dollar-denominated loans make up around half of the total, with further 30% in euros and the rest of the total in Turkish lira.

Zorlu declined to comment on the talks but referred to a statement by Vestel earlier on Thursday, which said that "the company continues to conduct its activities with financial institutions in the ordinary course of business."

On Wednesday, Bloomberg news agency reported that Vestel was discussing with banks restructuring more than $500 million of debt.

Zorlu has controlling interests in Vestel and also renewable energy producer Zorlu Enerji ZOREN.IS.

Turkey's major exporters, including Vestel, have been hurt in recent years by high interest rates, a stronger lira, and weaker domestic demand.

Turkey's protracted inflation crisis dates back to a series of currency crashes in 2018, which is also when major conglomerates restructured their debt, including Yildiz Holding, which restructured a $5.5 billion loan that year.

 (Reporting by Can Sezer and Ebru Tuncay; Editing by Jonathan Spicer and Tomasz Janowski)

 ((jonathan.spicer@reuters.com))