Turk Telekom Owner Said to Miss Payment on $4.8 Billion Loan
- Otas said to miss $290m payment installment in September
- Firm says it’s in talks with stakeholders to agree on solution
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The majority owner of Turkey’s biggest telephone company missed a payment in September on a $4.75 billion syndicated loan as the depreciation of the lira against the dollar eroded the dividends it receives in local currency and its parent company struggled in other industries.
Otas, a special purpose vehicle formally known as Ojer Telekomunikasyon AS that owns 55 percent of Turk Telekomunikasyon AS, sought an extension for payment until the end of October from 29 lenders, including international and Turkish banks, according to four people with knowledge of the matter who asked not to be named, citing confidentiality.