Banks Back Plan to Solve Turk Telekom Owner Debt - Bloomberg

Banks Back Plan to Solve Turk Telekom Owner Debt - Bloomberg:

"Banks that provided a $4.75 billion loan to the owner of Turk Telekomunikasyon AS are backing a proposal that would settle Turkey’s biggest default, people with knowledge of the matter said. Under the plan proposed by an advisory group for the lenders, creditors would get control of Ojer Telekomunikasyon AS, or Otas, which took out the loan, through a special purpose vehicle, said the people, asking not to be identified because the talks are private. Shares in the phone operator rose the most since it listed in 2008 as an agreement would end a year-long impasse between creditors and Turk Telekom. The companies have been locked in talks since Otas failed to pay a September 2016 installment on the loan, the country’s biggest ever syndicated facility. Banks, government officials and the companies were due to meet Tuesday to discuss the new proposal, the people said."



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