Turkish Tycoon Eyes Transferring Port Stake Over $1 Billion Loan
- Sahenk’s Dogus said to be in talks with lenders over port loan
- Galataport project has faced challenges since opening
Ferit Sahenk
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
Turkish tycoon Ferit Sahenk’s Dogus Holding AS is in talks to potentially transfer part of his stake in an Istanbul port and shopping mall company to lenders over a €1.02 billion ($1.1 billion) unpaid loan.
The discussions are centered around a plan that could enable the lenders to take over less than half of the port operator that’s formally known as Galataport Istanbul Liman Isletmeciligi & Yatirimlari AS, according to people with knowledge of the matter. The businessman would have the option to get the shares back if the debt is repaid, the people said, asking not to be named as talks are confidential.