Structured Tax Debts to the Finance Ministry Cleared Early

Doğan Holding has paid off all of its restructured tax debts to the Finance Ministry ahead of schedule.

With the finalization of this restructuring, no controversy remaines between Doğan Group companies and the Finance Ministry. 

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

According to the original payment plan, the last payment was due 18 months from now. Doğan’s debt was structured in June 2011, it agreed to pay its debts within 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 to support the financial structure of the company and its affiliated partners. The debt was structured in accordance with Law no. 6111. 

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

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