Oger Telecom defaults on third debt repayment, Saudi Telecom pleads for more time
Turk Telekom owner Oger Telecom has missed another debt repayment deadline, leading shareholder Saudi Telecom Company to ask banks for more time, it emerged this week.
The future of Oger Telecom’s 55% stake in Turk Telekom has been in question for some time after the firm missed debt repayments on a US$4.75 billion loan in September 2016 and March 2017. It has now missed its third repayment, due last month, Reuters reported, citing unnamed sources.
Saudi Telecom, which holds a 35% stake in Oger, has requested more time for the company to pay up, but it is not immediately clear whether the request refers to all three missed payments or only the most recent one, the newswire said.
Its sources said the creditors and the Turkish Treasury are considering the request.
Saudi Telecom is reportedly the most likely buyer for Turk Telekom, and has held talks to acquire Oger Telecom’s stake in the company.
The Turkish government holds almost a third of Turk Telekom.