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Turkish Banks Take Over Largest Phone Company After Default


Land by the Gulf Stream
Supporting Member
DP Veteran
Monthly Donator
Dec 27, 2014
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Best Coast Canada
Political Leaning
Slightly Liberal

A group of Turkey’s major banks took control of Turk Telekom AS, the nation’s largest phone company, setting it up for a likely sale after previous owner Otas defaulted on a multi-billion-dollar loan.

Akbank TAS will hold 35.6 percent of the special purpose vehicle set up to take on Otas’s 55 percent controlling stake, Turkiye Garanti Bankasi AS will have 22.1 percent of that entity, and Turkiye Is Bankasi AS’s share is 11.6 percent, according to filings Saturday. The other owners haven’t been disclosed, though almost 30 local and international banks signaled earlier this year that they’d participate in the SPV.

Foreign debt is mainly in Euros/USB
What will Erdogan do when the defaults increase?
Look to Venezuela for a preview?

The same Venezuela that is currently taking Chinese and Russian money to stay afloat with no transparency on what the Quid pro quo is....
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