Turkcell extends loan guarantee to Financell after Astelit default

8 Feb 2012

Turkcell has extended a USD411 million loan guarantee to its 100% subsidiary Financell for group financing, which had looked in doubt after its 55%-owned Ukrainian mobile unit Astelit defaulted on a repayment. Telecompaper reports that the guarantee includes the debt repayments related to the due amount of USD173 million under the loan agreements signed between Astelit and Financell, as well as other loans that Financell granted to Astelit (which have not yet fallen due).

Turkey, Ukraine, Lifecell (formerly Astelit), Turkcell