Bloomberg News

Park Fails to Make Downpayment for Istanbul Grid by Deadline

January 31, 2012

Jan. 31 (Bloomberg) -- Park Holding AS didn’t make a downpayment to buy a power grid on Istanbul’s European side from the government by a deadline of 6 p.m. local time today.

The asset sales agency in Ankara will make an official statement following a meeting of a committee in charge of the sale, an official at the agency said by telephone today.

Park Holding offered $2.5 billion for the grid in an auction in 2010. Park came third in bidding and was invited to pay for the asset after the top two bidders dropped out.

The grid will need to be re-sold by the agency because Park was the final bidder.

To contact the reporter on this story: Ali Berat Meric in Ankara at americ@bloomberg.net

To contact the editor responsible for this story: Mark Bentley at mbentley3@bloomberg.net


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