Restructured twice, interest rate lowered... But Demirören still hasn't paid its debt to Ziraat Bank!
It has emerged that Demirören Holding has not repaid the loan it took to purchase the Doğan Media Group. According to the Court of Accounts report, despite two restructurings and interest rate reductions, Demirören has still not made its repayment.
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Demirören Holding continues to fail to pay the loan it used to purchase the Doğan Media Group.
According to the Court of Accounts report, loan installments are not being paid on time despite two restructurings and interest rate reductions.
In 2018, Demirören Holding received an 800 million dollar loan from Ziraat Bank to incorporate media outlets such as Hürriyet, CNN Türk, and Kanal D. However, disruptions in payments continue.
IT HAD RECEIVED A LOAN FROM ZİRAAT BANK
According to the Court of Accounts' Ziraat Bank report, a 700 million dollar project loan and a 100 million dollar operating loan were granted to the Demirören Group in 2018.
The loan was provided with a 2-year principal grace period, a 10-year maturity, and a 6.5 percent interest rate. However, over time, the operating capital loan was increased to 250 million dollars, and the firm did not make the payments.
THEY ALSO LOWERED THE INTEREST RATE
The first restructuring was carried out in 2019, and the second in 2022. The interest rate was also lowered, first to 6 percent and then to 4 percent.
COURT OF ACCOUNTS WARNED: LEGAL PROCEEDINGS MUST BE INITIATED
The Court of Accounts stated that collection could not be achieved in the face of Demirören Holding's payment disruptions and that legal proceedings must be initiated. The report emphasized that the firm's financial structure should be closely monitored and stated, "All kinds of measures, including legal proceedings, must be taken without delay."
The Court of Accounts report pointed out that Demirören Holding has incurred significant losses over the last three years.
The firm, which reported losses of 131 million lira in 2015, 86 million in 2016, and 264 million in 2017, transferred real estate and immovable properties belonging to the media group to Ziraat Bank this year in order to pay a portion of the 70 million dollar installment.