Hedef Holding BIST:HEDEF failed to repay a 1.1 billion lira ($22.04 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.
($1 = 48.9951 lira)