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Investing.com -- In an attempt to alleviate investor worries about its $4.9 billion debt, Turkish conglomerate Zorlu Holding is preparing for asset sales and job reductions as part of a comprehensive restructuring strategy. The company has already lengthened the maturities of a portion of its loans.
The sale of assets, which includes land holdings, is a top priority, as per sources with firsthand knowledge of an investor call with Zorlu management last week. The call was facilitated by J.P. Morgan Securities. Zorlu Holding has a diverse portfolio of businesses that spans real estate, textiles, energy, and manufacturing.
The firm experienced a leadership change earlier this year when CEO Cem Koksal resigned in March. This change has added to the company’s challenges.
The company’s Vestel (IS:VESTL) Elektronik unit, a leading home appliance manufacturer in Europe, is planning to lay off approximately 2,000 employees. This represents about 10% of its total workforce. The information was provided by sources who wished to remain anonymous as they are not authorized to discuss the plans.
Vestel’s shares have experienced a decline of more than 40% this year. Its dollar bond due in 2029 is currently trading at around 80 cents, as per pricing data compiled by Bloomberg.
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