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Kontrolmatik, a Turkish engineering and energy company listed on Türkiye's stock exchange Borsa Istanbul, has applied to restructure its bank loans after failing to make scheduled bond and coupon payments tied to two private debt instruments, the company announced Friday.
In a disclosure after Friday market close, the company stated that it has filed restructuring applications with state lenders Halkbank and VakifBank to reorganize its existing bank loans under Türkiye’s financial restructuring framework.
Kontrolmatik said the applications cover both the company and its subsidiary, Pomega, adding that the move is intended to keep operations running smoothly, restructure existing liabilities under a planned repayment schedule and reinforce its financial position through asset sales.
The company also noted that operations at both the parent company and its subsidiaries are expected to continue without disruption throughout the restructuring process.
It added that the delayed payments are planned to be made once the restructuring process is finalized, while negotiations with creditors are still ongoing.
A separate earlier notice by Türkiye’s Central Securities Depository revealed that the instruments tied to the missed payments included a private sector bond with a nominal value of ₺250 million and a financing bill with a nominal value of ₺200 million, bringing the total nominal size of the affected debt instruments to ₺450 million ($10 million).
According to the company’s financial statements for the first quarter of 2026, Kontrolmatik had total liabilities of ₺32.7 billion, a debt-to-equity ratio of 403.9%, and net debt of ₺13 billion.
The company’s publicly traded shares, which account for 88% of the company’s capital, closed Friday’s session down 10%, extending the stock’s losses over the past month to nearly 40%.
Earlier this year, automotive leasing company Borlease announced that it would not be able to make coupon payments on two separate private sector bonds due in May 2026 because of financial difficulties.
Borlease noted that unpaid amounts would accrue interest linked to the Turkish lira overnight reference rate plus an additional 5 points, while also moving ahead with plans for a new ₺400 million domestic borrowing instrument targeted at qualified investors.
According to the latest available data from Türkiye’s Capital Markets Board, the total value of issued debt instruments sold in the market reached ₺911.38 billion ($20 billion).
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