Soma B Termik Santrali files for bankruptcy amid 20 billion TL debt

Soma B Termik Santrali, operated by Konya Şeker, has filed for direct bankruptcy with the Konya Asliye Ticaret Mahkemesi, citing an unsustainable debt burden. The company reported that its financial structure is no longer viable following failed attempts to restructure its debt and improve cash flow.

The primary driver of the crisis is a debt exceeding 20 billion TL owed to Türkiye Kömür İşletmeleri (TKİ) for lignite coal supplies. Additionally, the plant reportedly owes approximately 1.5 billion TL to İmbat Madencilik.

The facility, which has a total installed capacity of 990 megawatts across six units, was privatized in 2015 for 685.5 million USD. Since then, financial pressures have mounted due to foreign currency-denominated purchase credits, rising maintenance costs, environmental investments, and coal procurement expenses.

An expert committee valued the plant and its related real estate at 13.8 billion TL (excluding VAT). While an initial auction for the facility on September 7 received no bids, a second auction was scheduled to take place amidst the bankruptcy proceedings.