Companies / Turkey
Altimo Turns Up heat On Turkcell Partner
April 2007 | Company News AlertRussian telecoms investment company Altimo has issued an ultimatum to Cukurova, a Turkish holding company and one of Altimo's fellow shareholders in Turkish mobile operator Turkcell. Altimo has reportedly demanded the immediate repayment of a US$1.35bn loan, which was issued as part of a deal between the two companies that saw Altimo take a 13.22% stake in Turkcell. According to Altimo's chief executive Alexei Reznikovich, Cukurova has 'failed to meet its financial obligations on 16 occasions,' leading Altimo to call in the debt.
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