Turkish Appliance Giant’s Debt Crashes After Second-Quarter Loss

Bonds of Turkish appliance retailer Vestel Elektronik plummeted on Wednesday after the company reported a 7.26 billion lira ($177 million) second-quarter loss, dialing up the pressure as it struggles to rein in its debt burden.

Vestel’s $500 million of May 2029 bonds fell by more than 8.5 cents on Wednesday before recovering slightly, price data compiled by Bloomberg show. The bonds trade well below face value and are currently quoted at around 79.9 cents on the dollar.