Turkcell Iletisim Hizmetleri AS (TCELL), Turkey’s biggest mobile phone company, said it will pay off a $150 million debt for its Euroasia Telecommunications unit this week.
Turkcell owns 55 percent of Euroasia and was sole guarantor for a 2005 bank loan to the company to fund Astelit LLC, a wholly owned Euroasia subsidiary operating in Ukraine, Turkcell said in a statement to the Istanbul Stock Exchange after the market close yesterday.
Euroasia was unable to repay the loan when it came due on March 30 and, according to the credit guarantee, Turkcell must do so on or before April 6, Turkcell said.
To contact the reporter on this story: Benjamin Harvey in Istanbul at email@example.com
To contact the editor responsible for this story: Gavin Serkin at firstname.lastname@example.org