Turkey's Cukurova Said to Mull Rejigging $1.6 Billion Loan

Turkey’s Cukurova Holding is considering whether to ask Ziraat Bank to restructure a dollar-denominated loan it took out from the state-owned lender five years ago, according to people familiar with the plans. Cukurova has so far only made interest payments on the $1.6 billion loan and will seek a meeting with the bank before a pre-scheduled payment in July, should it decide to ask for the debt to be reorganized, the people said, asking not to be identified because the deliberations are private, Bloomberg News reported. The 10-year loan had a three-year grace period. The holding company used the money in 2014 to reclaim a 13.8 percent stake in Turkcell Iletisim Hizmetleri AS, which it had pledged to Russian billionaire Mikhail Fridman’s LetterOne Investments, formerly known as Alfa Group, under a debt deal nine years earlier. Read more