Zorlu Enerji requests delay on $60.5 million eurobond coupon payment

Zorlu Enerji has initiated a process to request consent from bondholders to defer a $60.5 million coupon payment, originally due on October 23, 2026, to April 23, 2027. The company is seeking this extension for two separate international bonds.

Following the missed payment, international credit rating agencies Moody’s and Fitch downgraded the company’s credit ratings. Moody’s lowered the rating from Caa1 to Caa3 with a negative outlook, while Fitch Ratings reduced the long-term debt rating to C.

In response to the missed payment, investment funds holding the debt have begun setting aside provisions. Tacirler Portföy announced it is setting aside a total of $122,000 for its holdings in Zorlu Enerji eurobonds, covering 100% of the unpaid $22,000 coupon and 25% of the $400,000 principal due to the company's failure to meet payments on other related bonds.