Privy Council grants Cukurova open-ended extension to pay Altimo

Turkey’s Cukurova Group has been given an open-ended extension to pay the USD1.56 billion needed to recover its disputed 13.8% stake in Turkcell, the British Privy Council confirmed yesterday. Russia’s Altimo, the telecoms investment arm of oligarch Mikhail Fridman’s Alfa Group, appropriated the stake when Cukurova defaulted on a USD1.35 billion loan, and although the Privy Council initially declared that the Turkish firm had 60 days in which to make the payment, the deadline has now been extended. Cukurova requested the extension due to its participation in a separate case that its being heard by the US Court of Appeals in New York; it was concerned that the appeal, could prevent it from putting up the Turkcell stake as collateral in any new loan.