Turkey's Borlease unable to meet bond payment due in March

About this update from Borlease Otomotiv As

Turkey-based fleet leasing company Borlease Otomotiv BIST:BORLS said it will be unable to make a scheduled coupon and principal payment on one of its bonds due to current financial conditions.In a statement late Monday, Borlease said it will not make the fourth coupon payment or repay the principal on its TRFBORL32611 ISIN‑coded financing bond, both due on March 25, 2026, adding that the payments are expected to be made after the completion of a financial restructuring process it has applied for. In January, Borlease said it would not pay coupons on its 150 million lira bond maturing on July 14, 2026, and its 200 million lira bond maturing on April 20, 2026, and added that it would also be unable to meet principal and coupon obligations on its 355 million lira bond due on Jan. 27, 2026. 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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