---
title: Otas cleared to transfer Turk Telekom stake to creditors - Developing Telecoms
description: Turkey’s Information and Communication Technologies Authority has cleared Ojer Telekom (Otas) to transfer the 55% stake it holds in Turk Telekom to a new entity established by its creditors.
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 [Operators](https://developingtelecoms.com/telecom-business/operator-news.html)## Otas cleared to transfer Turk Telekom stake to creditors

 

 

   Details    James Barton    Category: [Operators](https://developingtelecoms.com/telecom-business/operator-news.html)     22 August 2018     9383 views   

 

  ![Otas cleared to transfer Turk Telekom stake to creditors](https://developingtelecoms.com/images/stories/Places/800x600/Istanbul_Hagia_Sophia_600.jpg)  

 

Turkey’s Information and Communication Technologies Authority has cleared Ojer Telekom (Otas) to transfer the 55% stake it holds in Turk Telekom to a new entity established by its creditors.

Otas took out a loan of $4.75 billion from 29 banks in order to obtain its stake in Turk Telekom. Among these were Akbank, Garanti Bank and Isbank, which respectively loaned the group $1.5 billion, $1 billion and $500 million.

In February this year, Garanti Bank confirmed that it was seeking to take control of the 55% holding in Turk Telekom since Otas had been defaulting on its loan repayments for 18 months. In July, the group’s creditors requested control of the stake via a Special Purpose Vehicle.

In a statement, Turk Telekom confirmed that the investment vehicle would own the shares since regulatory clearance had been granted. The operator noted that its subsidiary units – including TT Mobil, TTNet and TT International Telekomunikasyon - would be unaffected by the transfer of control.

 

 

   
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