Hürriyet to set aside its assets as collateral

Bloomberg

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Hürriyet called an extraordinary meeting of shareholders for March 20 to approve the decision that assets can be used as a guarantee or security, the company said in a filing with the Istanbul Stock Exchange late Tuesday.

The Finance Ministry has asked Doğan Media Group, or DMG, Hürriyet’s owner, to pay a record amount of taxes and fines of 826.3 million Turkish Liras ($491 million) and to provide a guarantee of 914.8 million liras that the debt will be paid by filing assets as security.

Hürriyet’s total assets amount to 1.96 billion liras, according to its third-quarter earnings posted on the Web site of the stock exchange.


Daily News is a Doğan Media Group publication.