Doğan clears structured tax debts before due

ISTANBUL - Hürriyet Daily News

Doğan Holding, headquartered in Istanbul, pays off its restructured tax debt.

Doğan Holding has paid off all its restructured tax debts to the Finance Ministry, according to a company press release.

“With the finalization of this restructuring, no controversy remained between Doğan Group companies and the Finance Ministry,” yesterday’s statement said.

The company paid off its 1.1 billion Turkish Liras structured debt to the ministry last week, after making an early payment of 480 million liras last week. The figure is equal to 6 percent of the budget deficit of 8.5 billion liras for the January-August period this year.

The last payment was due for 18 months from now, according to the original payment plan. Doğan’s debt was structured in June 2011. The holding agreed to pay its debts in 36 months in 18 installments of equal amount. It had paid a total of 551 million liras in the eight previous installments.

The payment was provided mostly from owner’s equity and the aim for the move was support the financial structure of the company and its affiliated partners, the press release said. The debt was structured in accordance with Law no. 6111.

The holding has also lodged the necessary applications to return 43 real estates and 100 percent stakes in subsidiaries, which were put up as collateral.