Agreement on the restructuring of the debts of Ojer Telekomünikasyon A.Ş.
Agreement on the restructuring of the debts of Ojer Telekomünikasyon A.Ş.
All creditors including our Bank have reached an agreement on restructuring the debts of Ojer Telekomünikasyon A.Ş. (OTAŞ), the major shareholder of Türk Telekomünikasyon A.Ş. (Türk Telekom), provided under the loan agreements.
As per the agreed structure, it is contemplated that OTAŞ’s 1.925.000.000 Class A shares in Türk Telekom, representing 55% of Türk Telekom’s issued share capital, which have been pledged as security for the existing facilities would be taken over by a special purpose vehicle incorporated or to be incorporated directly or indirectly by the creditors in the Republic of Turkey. Completion of the transaction is subject to agreements with respect to the facilities to be restructured at the new company level being agreed, all requisite corporate, governmental and any other approvals and consents being obtained and all requisite conditions under the agreements being met.
Any material changes on the topic will be announced to the public in due course.