Cukurova repays Altimo debt

22 May 2007

Turkey’s Cukurova group has agreed a USD1.5 billion loan which will allow it to pay off its debts to Russian telecoms investment firm Altimo, which is part of the Alfa group. Both Cukurova and Altimo are shareholders in the country’s largest mobile operator, Turkcell. Cukurova transferred 13% of its stake in Turkcell to Altimo in 2005 as part of the original loan deal. Last month, however, Altimo called for Cukurova to repay its USD1.35 billion debt after alleged breaches of contract.

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