Things are getting out of hand for Turkish billionaire Ferit Sahenk’s Dogus Holding, owner of popular restaurant chains like Zuma and Salt Bae’s Nusr-et, as their debts are estimated at $2.5 billion (AED 9.2b).
Nusr-et struggling to pay foreign exchange loans
2018 was a tough year for Turkey, with the collapse of the Turkish Lira, and its downfall has made it tougher for businesses like Nusr-et, who have operations across the world, to repay foreign-exchange loans. Its parent company, Dogus recorded losses of 2.9 billion liras (AED1.8b) in 2018, from 2.3 billion (AED 1.4b) in 2017.
Photograph credit: Eater
Liabilities up by 17%
As per Dogus Holding’s financial statements, their liabilities increased by 17% to 28.6 billion liras (AED18.47b). Although Sahenk inked deals with lenders to help restructure its debts, Business Insider says the loans are inadequate to recover their mounted liabilities this year.
According to Bloomberg, Dogus Holding’s financial woes continue to worsen to the extent to which Sahenk has put the Nusr-et steakhouse chain up for sale. Over the years, we’ve seen celebrities like Leonardo Di Caprio and P Diddy to sportsmen like Lionel Messi and Paul Pogba and Royals like His Highness Sheikh Mohammed bin Rashid Al Maktoum and His Highness Sheikh Mohammed bin Zayed dine a the meme-famous steakhouse.