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\n LONDON: Banks are set to take majority control of Turk Telekom<\/a> in a debt restructuring that will see them take over Turkish holding company Otas, which owns a 55% stake in Turk Telekom, banking sources said on Wednesday.<\/p>\n \n\tA co-ordinating committee of the lenders has agreed a restructuring plan, which will be presented to the wider lender group at a meeting this week, one source close to the situation said.<\/p>\n \n\t\"Lenders will hold a bank meeting to agree the deal which will be implemented in June,\" the source said.<\/p>\n Otas, which was set up by Dubai<\/a> headquartered Oger Telecom in 2005 to buy the stake in Turk Telekom, has failed to make at least three $290m loan repayments since September 2016 on a US$4.75bn loan.<\/p>\n \n\tOtas has struggled to repay the loan due to the depreciation in the Turkish lira. Both Oger Telecom and Turk Telekom raise revenue in lira, which is then converted into US dollars.<\/p>\n Rating agency Standard & Poor's warned on Tuesday of growing concern that the weakening lira could \"potentially\" cause a further downgrade of its BB- rating of Turkey<\/a>'s sovereign debt.<\/p>\n \n\tIn a media statement on Tuesday, Turk Telekom said that no official notification has been made to it on the process or outcome of the plan.<\/p>\n \n\t\"In the event of an official notification to our company on this matter, the public will be promptly informed within the scope of the related legislation,\" Turk Telekom said.<\/p>\n \n\tLOAN TO OWN<\/strong><\/p>\n \n\tOtas signed a US$4.75bn loan in May 2013 with a group of local and international banks, which was Turkey's largest corporate loan at the time. Shares in Turk Telekom were pledged as collateral against the loan.<\/p>\n Negotiations around a potential sale or a loan restructuring began over a year ago. Saudi Telecom Company<\/a> and Qatari telecom company Ooredoo initially stepped forward as rival bidders, but the focus is now on restrucuring.<\/p>\n \n\tUnder the restructuring plan, lenders will take control of Otas and its underlying 55% stake in Turk Telekom before reinstating the US$4.75bn of loans, with a view to selling the Turk Telekom stake, the source said.<\/p>\n \n\t\"No one lender will be in control,\" he said.<\/p>\n \n\tOger Telecom did not reply to a request for comment. Construction company Saudi Oger, Oger Telecom's controlling shareholder, closed in July 2017 amid a slowdown in Saudi's construction sector and delays in government payments.<\/p>\n \n\tSaudi Telecom Company, which acquired a 35% stake in Oger Telecom in 2008 from Saudi Oger, did not respond to a request for comment.<\/p>\n The loan was underwritten and arranged by mandated lead arrangers and bookrunners Akbank, BNP Paribas, Citigroup, Deutsche Bank, Garanti Bank and JP Morgan<\/a>.<\/p>\n \n\tA further 23 banks joined in syndication, who will become joint owners going forward if the restructuring plan is agreed.<\/p>\n \n\tRestructuring advisers Houlihan Lokey has been mandated by Otas to advise on the situation, while lenders have appointed Lazard.<\/p>\n \n\tLazard and Houlihan Lokey declined to comment. <\/p>\n\n<\/body>","next_sibling":[{"msid":64298534,"title":"India to be a fast follower of 5G technology: Qualcomm","entity_type":"ARTICLE","link":"\/news\/india-to-be-a-fast-follower-of-5g-technology-qualcomm\/64298534","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":64301266,"entity_type":"ARTICLE","title":"Lenders poised to take control of Turk Telekom","synopsis":"In a media statement on Tuesday, Turk Telekom said that no official notification has been made to it on the process or outcome of the plan.","titleseo":"telecomnews\/lenders-poised-to-take-control-of-turk-telekom","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"REUTERS","artdate":"2018-05-24 12:38:00","lastupd":"2018-05-24 12:40:09","breadcrumbTags":["turkey","Telecom company","Industry","JP Morgan","Dubai","Turk Telekom"],"secinfo":{"seolocation":"telecomnews\/lenders-poised-to-take-control-of-turk-telekom"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2018-05-24" data-index="article_1">
伦敦:银行将承担大部分的控制权土耳其电信在债务重组,将会看到他们接管土耳其控股公司在线旅行社,拥有土耳其电信55%的股份,银行业消息人士周三表示。 一个协调委员会的银行已同意一项重组计划,将提交给更广泛的银行集团本周召开的一次会议上,一位知情人士表示。 “银行将银行会议同意这笔交易将在6月实施,”该消息人士称。 在线旅行社,成立迪拜总部奥格电信2005年土耳其电信收购的股份,未能让至少三个290美元的贷款偿还2016年9月以来在美国47.5亿美元的贷款。 在线旅行社一直在努力偿还贷款由于土耳其里拉贬值。奥格电信和土耳其里拉电信提高收入,然后转换成美元。 评级机构标准普尔周二警告称,削弱里拉可以引起越来越多的关注“可能”导致的BB -评级进一步下调土耳其的主权债务。 周二在一个媒体声明中,土耳其电信表示,没有官方通知了计划的过程或结果。 ”事件的官员通知本公司在这个问题上,公众将会及时告知的范围内相关的立法,“土耳其电信说。 贷款的 在线旅行社签署了一项47.5亿美元的贷款在2013年5月与一群当地和国际银行,这是土耳其最大的企业贷款。土耳其电信股价承诺作为贷款抵押品。 谈判在一个潜在的销售或贷款重组开始在一年前。沙特电信公司和卡塔尔电信公司Ooredoo最初竞购对手向前走,但是现在关注restrucuring。 重组计划下,银行将控制在线旅行社及其潜在的土耳其电信55%的股份恢复之前的47.5亿美元贷款,以出售土耳其电信股份,该消息人士称。 “没有人银行将在控制,”他说。 奥格电信没有回复记者的置评请求。建筑公司沙特奥格奥格电信的控股股东,于2017年7月关闭在沙特的建筑业放缓和政府支付延迟。 沙特电信公司,该公司2008年收购了奥格电信35%的股份从沙特奥格,没有回应记者的置评请求。 贷款担保,由授权出面安排和簿记管理人银行,法国巴黎银行(BNP Paribas)、花旗集团(Citigroup)、德意志银行(Deutsche Bank)、Garanti银行和摩根大通(JP Morgan)。 23家银行参加了联合,谁将成为未来联合业主是否同意重组计划。 重组顾问Houlihan Lokey规定了在线旅行社建议的情况下,当贷款机构Lazard任命。 Lazard和Houlihan Lokey拒绝置评。
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