Turkcell shareholder threatens stake seizure over debt dispute - Mobile World Live

Turkcell shareholder threatens stake seizure over debt dispute

21 FEB 2012

Altimo, a stakeholder in Turkey’s number-one operator Turkcell, has threatened to seize an additional stake in the company if fellow shareholder Cukurova Holdings fails to repay a US$1.45 billion debt by early March, reports Bloomberg. Cukurova’s 13.7 percent stake in Turkcell served as collateral for the US$1.7 billion that Altimo lent to the company in 2005 to finance payment of debt owed to the Turkish government. Cukorova has so far only repaid US$350 million, according to Bloomberg, leading Altimo to threaten to seize Cukurova’s Turkcell stake. A Cukurova executive told Bloomberg that a decision by the Eastern Caribbean Court of Appeal last year doesn’t allow Altimo to take the stake as Cukorova intends to pay the money owed.


Tim Ferguson

Tim joined Mobile World Live in August 2011 and works across all channels, with a particular focus on apps. He came to the GSMA with five years of tech journalism experience, having started his career as a reporter... More

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