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.

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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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