Zorlu Enerji's 2030 dollar bond is poised for its biggest drop on record, falling as much as 11 points to around 63 cents on the dollar. The Turkish energy company hired Houlihan Lokey and Servo Capital as debt advisers, signaling growing financial stress. The move comes just two months after Vestel Elektronik, a Zorlu Group company, also engaged Houlihan for restructuring talks.

Zorlu Enerji's revenue declined to 13 billion lira ($267 million) in the first half of 2026 from 17.3 billion lira a year earlier. The Turkish lira has weakened roughly 15% against the dollar over the past 12 months, making dollar-denominated debt significantly more expensive to service from local currency earnings.

Net debt stood at $1.25 billion at the end of the first half, according to an August company presentation. Management canceled a planned trip to a JP Morgan Chase & Co. conference in London after hiring the advisers. A company spokesperson did not immediately respond to requests for comment.