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Turkish electronics manufacturer Vestel is said to be in talks with banks to restructure more than $500 million in debt, as part of its ongoing restructuring program aimed at easing mounting financial pressure.
The talks have reached an advanced stage and could conclude soon, people familiar with the matter told Bloomberg on Wednesday, sending Vestel shares listed on Borsa Istanbul up 3.8% at the close.
In a public disclosure on Thursday, the company said it continues working with banks as part of its routine financial management. The company has not disclosed details of the proposed debt restructuring, and discussions with lenders remain ongoing.
Following the notice, Vestel shares extended their gains, rising a further 3.5% in Thursday trading.
Owned by Turkish conglomerate Zorlu Holding, the company, one of Europe’s largest home appliance manufacturers, producing over 1 million units of TVs, white goods, and digital products, faces financial strain from rising borrowing costs in Türkiye and weakening export performance.
Financial disclosures showed Vestel carried net debt of ₺81.57 billion ($1.85 billion) as of the third quarter of 2025, while total liabilities reached ₺155.67 billion. That figure was roughly four times higher than its shareholders’ equity of ₺37.37 billion.
Vestel generated ₺119.92 billion in gross sales during the first nine months of 2025. Export revenue accounted for 58% of that total but declined 16% year-over-year to ₺69.86 billion.
Facing mounting financial pressure, Vestel rolled out a restructuring plan in early 2025 that included asset sales, layoffs across production lines, and management changes to steady operations.
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