Headline: Doğuş Holding in Talks to Transfer Galataport Istanbul Port Operations and Investments to Creditors

Turkish businessman Ferit Şahenk's company, Doğuş Holding A.Ş., is in negotiations to transfer a portion of its shares in a port and shopping mall company in Istanbul to creditors over an outstanding loan of 1.02 billion euros ($1.1 billion). According to sources familiar with the matter, the talks, as reported by Bloomberg News, focus on a plan allowing lenders to acquire less than half of the officially named Galataport Istanbul Liman İşletmeciliği ve Yatırımları A.Ş., the port operating company. These sources, who wished to remain anonymous due to the confidential nature of the discussions, indicated that the businessman might have the option to reclaim his shares upon debt repayment.

The discussions are ongoing, and no final decision has been made yet. The holding had secured the loan in 2016 to construct a cruise port and shopping mall complex in central Istanbul. Doğuş and six domestic lenders are negotiating to sign a so-called loyalty agreement. According to these sources, if the holding fails to generate funds within a specified period, the lenders might potentially increase their stake to 51%. This would grant the banks a controlling interest and potentially pave the way for attracting new investors.