State fund appoints head to group in red

State fund appoints head to group in red

ISTANBUL - Hürriyet Daily News
State fund appoints head to group in red

The Turkish state fund says it has appointed Cengiz Özdemir (P) as the new head of the indebted conglomerate Çukurova group’s media unit. AA photo

Turkey’s Savings and Deposit Insurance Fund (TMSF) said that a new head has been appointed to the indebted conglomerate Çukurova group’s media unit, following the acquisition of one of group’s media assets, Show TV, by another Turkish conglomerate on May 31.

TMSF, which took over the management of 12 companies of Çukurova in return for its debts piled over $450 million, said it has appointed Cengiz Özdemir as president of Çukurova Media Group companies.
Özdemir had managed Star Media Group as well after the seizure of the company from Turkey’s Uzan holding.

“As it’s known, Cengiz Ödemir held the responsibility of managing Star Media group representing TMSF and at that time the group’s media organs were sold successfully as their market value was raised,” TMSF said in a statement.

On May 31, Ciner Group, a local holding active in a broad range of businesses from energy to mining, said it had agreed to buy Show TV, one of the Çukurova group media assets put on sale by TMSF.
Ciner bought the TV station for 402 million Turkish Liras.

Along with the commercial deal, Semih Kaya, the general manager of Ciner’s broadcaster Habertürk, was also appointed Show TV’s general manager, according to today’s announcement.

The TMSF had seized several Çukurova assets, mainly media enterprises, last month, because of the debts that the group owed.

Ciner has several other media assets, including newspapers and TV channels.

Last week, TMSF said the group’s foreign partner in digital broadcast platform
Digiturk was in talks with potential buyers.

“We will be in talks with Digiturk’s foreign partner over either the sale of its [Çukurova’s] stakes in the company or the sale of the firm jointly,” TMSF Chairman Şakir Ercan Gül said.

The Çukurova group owns a 53 percent stake in Digiturk, the broadcaster of Turkey’s football league, while Providence Equity Partners holds 47 percent.

Çukurova’s motor company BMC, which has been facing financial difficulties and delivery problems, was also confiscated.