Hedef Holding defaulted on 1.1 billion lira money-market borrowing, lawyer says
Hedef Holding failed to repay a 1.1 billion lira ($22.04 million) money-market borrowing at maturity, its lawyer said, citing legal measures targeting its controlling shareholder. Shares have slumped 97% since Aug 5.
04 million) money-market borrowing at maturity, the company's lawyer said on Tuesday. The lawyer cited legal measures targeting its controlling shareholder leading to a loss of access to funding sources at the company, which engages in investment activities and services. The measures did not alter ownership of the shares and were a judicial precaution, the company's lawyer said in a statement. Shares in Hedef Holding have slumped 97% since hitting an all-time high on August 5.
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