Chinese Banks Are Said to Back Turkey Deal Disrupted by Pandemic

A group of investors from China secured the backing of some of the country’s biggest banks for a $2.3 billion deal to buy a stake in a company operating a bridge and toll roads in Istanbul, according to people with knowledge of the plans.

The transaction, initially negotiated at the end of 2019, hit a snag when the coronavirus pandemic began last year. It’s now been revised to include a commitment by several Chinese banks to refinance $1.6 billion of the original loan to the bridge operator, said the people, who asked not to be named because the deliberations are confidential.