Turkey's Borlease misses bond payments, shares plunge amid restructuring

About this update from Borlease Otomotiv As

Turkey-based fleet leasing company Borlease Otomotiv BIST:BORLS said it will be unable to meet the principal on one bond and coupon payments on two others due to financial difficulties, adding that payments are expected after a restructuring.Shares in Borlease fell about 9% on Wednesday to trade at 2.85 lira. The stock had dropped 12.6% in the previous two sessions to close at 3.13 lira on Tuesday. It has slumped about 30% since the start of the year and is down around 90% over the past two months.In a statement late Tuesday, Borlease said it will not pay coupons on its 150 million lira bond maturing July 14, 2026 and its 200 million lira bond maturing April 20, 2026. The company also said it cannot meet principal and coupon obligations on its 355 million lira bond due Jan. 27, 2026.Borlease last Friday failed to repay the principal and coupon on a 400 million lira bond at maturity, and a meeting of debtholders for that note is scheduled for Wednesday, it added.Borlease Otomotiv is engaged in passenger car renting and leasing operations, focusing on fleet leasing services including operational leasing, commercial vehicle rental, short- and long-term car rentals, and electric vehicle leasing.

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