Salt Bae Owner in Talks to Delay Repayments on Restructured Debt
Salt Bae Owner in Talks to Delay Repayments on Restructured Debt
(Bloomberg) -- The owner of the Nusr-Et steakhouse, known by its founder chef’s meme Salt Bae, is negotiating with lenders to delay repayments on 2.3 billion euros ($2.7 billion) of debt that was restructured last year.
Turkish billionaire Ferit Sahenk’s Dogus Holding AS is in preliminary talks with a group of banks after its cash flows took a knock because of the coronavirus pandemic, according to people familiar with the matter. They asked not to be identified as the talks are confidential.
The Istanbul-based group told the lenders it may miss repayments, two of the people said. Dogus declined to comment.
The company in April 2019 reorganized its debt through a six-year facility with 12 banks and has since been hard hit by lockdowns aimed at containing the spread of the Covid-19 outbreak.
As part of that deal, the firm agreed to dispose of some assets and sell shares in businesses ranging from restaurants, hotels and entertainment outlets to marinas and car-distributors.
Sahenk, once Turkey’s richest man, spent heavily on hospitality businesses at home and overseas after selling his 31% stake in Turkiye Garanti Bankasi AS for almost $5.5 billion in three transactions that started in 2010.
It holds stakes in listed companies including Dogus Gayrimenkul Yatirim Ortakligi AS, a real estate developer, and Dogus Otomotiv Servis AS, which distributes Volkswagen AG cars in Turkey.
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