Turkey's Zorlu to Tackle $4.9 Billion Debt With Job Cuts, Sales
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.
Asset divestments, including land holdings, are a priority, according to people with direct knowledge of an investor call with Zorlu management last week that was hosted by J.P. Morgan Securities. Zorlu's businesses range from companies in real estate and textiles, to energy and manufacturing. The company has been rocked by a leadership shakeup after CEO Cem Koksal stepped down in March.
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