Turkey's İşbank, Garanti Bank and Akbank announced that all the creditors, including themselves, came to a mutual agreement to restructure the debts provided to Ojer Telekomünikasyon A.Ş. (OTAŞ), the main shareholder of Türk Telekom, under the loan agreements.
"A mutual agreement was reached among all the creditors, including our bank, to restructure the debts provided to OTAŞ, the main shareholder of Türk Telekom," the statement made by each of three banks separately on the Public Disclosure Platform (KAP) read.
"In accordance with the agreed structure, 1.9 billion Group A shares, which constitute 55 percent of the issued capital of OTAŞ-owned Türk Telekom and are pledged as collateral for existing credits, are planned to be taken over by a special-purpose company/vehicle (SPV) founded or set to be founded directly or indirectly by the creditors in the Republic of Turkey," the statement read. "The completion of the transaction is subject to agreement on the contracts for the loan to be restructured in the presence of the new company, completion of the necessary institutional, administrative and all kinds of approvals and permits, and provision of necessary conditions under the contracts. Significant developments regarding the topic will be announced to the public later."
Oger Telecom in a partnership in 2005 won a $6.55 billion bid for 55 percent stake in Türk Telekom. Saudi Oger acquired 35 percent of Oger Telecommunications in 2008 for $2.56 billion.
Oger Telecom is owned by the Lebanon's Hariri family and has had close links with Saudi authorities since it was established in 1978 by Saad Hariri's father Rafic, a former Lebanese premier.
