July 5, 2018 / 11:55 AM / 5 months ago

Turkish lenders apply to competition board to take over 55 pct of Turk Telekom

ISTANBUL, July 5 (Reuters) - Turkey’s Akbank, Garanti and Isbank have applied to the competition authority to take over 55 percent of Turk Telekom after Oger Telecom failed to make three payments on a $4.75 billion loan it secured to acquire a stake in the Turkish fixed-line operator, the competition authority said.

In May, sources told Reuters that the creditor banks were set to take majority control of the company as part of a debt restructuring. (Reporting by Can Sezer Writing by Ezgi Erkoyun Editing by Dominic Evans)

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