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Turkcell announced financial restructuring in Astelit in Ukraine
January 11, 2007
ISTANBUL, Turkey -- Turkcell (NYSE: TKC, ISE: TCELL), the leading provider of mobile communications in Turkey, announced today Turkcell's Board of Directors resolution in order to implement a new financial restructuring within Astelit Limited Liability Company ("Astelit"), a subsidiary of Turkcell domiciled in Ukraine; and that Turkcell agreed to participate in the additional shareholder support amounting to a total of USD250 million, USD150 million of which shall be provided to Astelit in the form of cash equity and the remaining USD100 million shall be made available as required by Astelit as a contingent cash equity, and to pay such amount proportional to its 54.8% ownership stake in Astelit, in year 2007.
Moreover, regarding the syndicated loan, amounting to USD390 million borrowed by Astelit in the context of Common Terms Agreement, it has been decided to take over all or a portion of the rights and obligations of the "Senior Creditors" in accordance with the related provisions, who may decline to participate in the facilities following the implementation of such new restructuring, to support Astelit to comply with its obligations in this respect; and to authorize Turkcell executives to realize and execute necessary actions with the Facility Agent in this regard.
Turkcell Iletisim Hizmetleri A.S. (NYSE: TKC)
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