In a statement to the Istanbul stock exchange Turkcell said that the board of directors decided to extend its guarantee to Financell “in order to perform its obligations with respect to the loans granted by the banks for providing group financing.”
The…
In a statement to the Istanbul stock exchange Turkcell said that the board of directors decided to extend its guarantee to Financell “in order to perform its obligations with respect to the loans granted by the banks for providing group financing.”
The decision follows a first announcement by the Turkish incumbent earlier today that its Ukranian unit Astelit had failed to repay debt totalling about US$323m to Euroasia Telecommunications and Financell, both of which are also subsidiaries of Turkcell (full coverage here).
In its second statement of the day Turkcell said the guarantee will be up to USD 410.65m.
“This guarantee includes the debt repayments related to the due amount of USD173 million under the loan agreements signed between Astelit (55% owned subsidiary) and Financell, and of the other loans that Financell granted to Astelit which have not fallen due,” the company stated.
