UK Court re-extends payment deadline for stake in Turkcell
Wednesday, June 18, 2014
LONDON – U.K. Privy Council extended the deadline for the US$1.57 billion payment Wednesday a second time giving one more week for the payment by Cukurova to the Alfa Group over a disputed stake in Turkey's biggest GSM operator, Turkcell.
The deadline for the payment of US$1.57 billion to Alfa Group, enabling Cukurova Holding to reclaim the managing position of the company, was delayed to 23 July in the early hours of the day, according to the statement from the council and it was further extended by second decree released from the court.
The payment will ensure that Cukurova will now have a controlling position in Turkcell with the transfer of Alfa Group's 13.8 percent stake to the Cukurova.
Cukurova announced on June 4 that they are working on obtaining the finance for the payment to be made to the Alfa Group.
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