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Old 2nd September 2018, 08:02   #1 (permalink)
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Turk Telekom bankrupt?

We have been waiting 5 weeks to get our telephone line repaired and have just seen a post on facebook that Turk Telekom is bankrupt. Does anyone have any news on this?
David
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Old 2nd September 2018, 08:22   #2 (permalink)
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Re: Turk Telekom bankrupt?

I don't have any news on it, but did read a short while ago that they owed billions which they had borrowed and with the fall of the lira presume they cannot repay the loans.
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Old 2nd September 2018, 08:27   #3 (permalink)
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Re: Turk Telekom bankrupt?

Turk Telekom goes bankrupt sparking panic in Turkish private sector | protothemanews.com
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Old 2nd September 2018, 08:46   #4 (permalink)
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Re: Turk Telekom bankrupt?

Reading on from that article was this one.

JPMorgan: Turkey must pay $179 billion external debt by July 2019 or go bankrupt! | protothemanews.com

Surely to stand any chance there has to be some serious draconian measures.

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Old 2nd September 2018, 08:51   #5 (permalink)
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Re: Turk Telekom bankrupt?

The Turkish Treasury and Finance Ministry has given the final approval paving the way for the transfer of a majority stake of Türk Telekom to a joint venture of creditor banks.

The Transport and Infrastructure Ministry notified the company owned by Saudi Oger of the Lebanese Hariri family.

“The takeover of Ojer Telekomünikasyon A.Ş.’s [OTAŞ] 55 percent shares in our company, Türk Telekomünikasyon A.Ş. [Türk Telekom] by a special purpose vehicle [SPV] which the creditor banks of OTAŞ would be shareholders, has been approved by the Treasury and Finance Ministry,” the company said in its statement to the Public Disclosure Platform on Aug. 29.

The Information Technologies and Communications Authority had approved the share transfer on Aug. 17.

OTAŞ had put up 55 percent of Türk Telekom shares as collateral for a loan of $4.75 billion in 2013.

After two years of negotiations regarding the failed repayments, creditor banks, including Akbank, Garanti and İşbank, applied to the Competition Board to take over the shares in July.

The banks will take over shares in proportion to the loan they had granted, according to the agreement facilitated by the Turkish government and several law and consulting firms. Akbank had granted a loan of nearly $1.5 billion, whereas Garanti had provided $1 billion and İşbank had provided $500 million.

Transfer of Türk Telekom?s majority stake to banks approved by Turkish gov?t
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Old 2nd September 2018, 09:19   #6 (permalink)
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Re: Turk Telekom bankrupt?

I have been intending to post regarding our TurkTelekom experience for a while now. i will try and post on Turkish living thread today.
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Old 2nd September 2018, 10:55   #7 (permalink)
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Re: Turk Telekom bankrupt?

So it looks as if we might have to wait a few more days/weeks/months/years?/ to get our smashed telephone pole and broken cable mended! Very thankful for Turkcell's VINN. Thanks for all information, earlier today I couldn't find much on it.
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Old 2nd September 2018, 20:57   #8 (permalink)
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Re: Turk Telekom bankrupt?

Another side of the story.

https://ahvalnews.com/turk-telekom/r...d-member-bulut


Türk Telekom
Sep 02 2018
Reports that Türk Telecom went bust are lies - board member Bulut
Yiğıt Bulut, a board member of the struggling Turkish telecommunications company Türk Telekom and close adviser of President Recep Tayyip Erdoğan has denied in a column reports that over half of the company’s shares are being handed to banks due to an inability to repay loans.

Türk Telekom announced on Aug. 17 that the 55 per cent of the company’s shares owned by Saudi firm Oger Telecom (OTAŞ) would be turned over to a special purpose vehicle set up by creditor banks.

It has been widely reported that the Saudi company is turning its shares over after failing to make repayments for the $4.75 billion loan taken out in 2013. Since purchasing Türk Telekom in 2005, the company’s shareholders have reportedly earned billions of dollars in dividends.

The episode has sparked serious criticism of the Justice and Development Party (AKP) government, which oversaw the privatisation of Türk Telekom, a move that has led what had been one of Turkey’s most profitable companies to near bankruptcy.

“To those ill intentioned politicians and ignorant people who are knowingly spreading (news of the $4.75 billion debt) around, I want to write the truth once more and present it respectfully to the public, it is all made-up lies,” wrote Bulut, almost entirely in capital letters, in his column for the pro-government newspaper Star.

All debts for the purchase of the company had been paid, and the shares are to be turned over to the banks for a different debt unrelated to Türk Telekom taken out to use in the company’s operations, said Bulut, who heads the company’s risk management committee.

Almost all Turkish and international media outlets, however, including Star, have reported the takeover as resulting from the failure to repay instalments of the $4.75 billion debt.

Moreover, Turkey’s banking regulator BDDK stepped in the reclassify the debt as a no-performing loan and ensure it would not be defaulted in Nov. 2017, after OTAŞ requested an exemption from fulfilling its contract with the creditor banks due to the 50 percent drop in the lira’s value between the time the debt was taken and the due date for the first repayment.

Yiğit Bulut rose from a career in journalism to be appointed as the president’s senior economic adviser in 2013 and placed on the board of Türk Telekom the next year. He is well-known for writing conspiracy theories, including a widely reported claim that foreign enemies of Turkey were trying to kill Erdoğan using telekinesis.



“Telekom Battı” yalanını uyduranlar; İYİ OKUYUN! - Yazarlar - Yiğit BULUT | STAR
BU VİCDANSIZLARA SÖYLENECEK ÇOK SÖZ VAR AMA...YAZMIYORUM...Bir insanda şeref yoksa hele hele gerçeği bildiği halde sadece zarar vermek için yalanı dolaştıracak kıadar vicdansız ve vatansızsa herşeyi yapabilir... Bakıyorum sosyal medya ortamında koskoca esk...
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Old 5th September 2018, 07:07   #9 (permalink)
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Re: Turk Telekom bankrupt?

Lot of initial speculation from manews, which is a popular Greek sunday paper...haha.
I have had poor internet speed from Turk telecom recently so had useful conversations with their English speaking help line yeste, also they are sending team round at 1000 this morning to check out my whole system at home at the cost of 11tl..
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Old 14th September 2018, 02:14   #10 (permalink)
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Re: Turk Telekom bankrupt?

Further to the above post the team did not arrive after waiting in all morning for them, having eventually
managed to get hold of customer service their excuse was they had found the fault was on their side, to cut a very long story down they have been spinning meround with bull**** and the speed am getting is nowhere near what am paying for. so am considering now to get rid of my landline with internet connection and trying a new company....anybody got any recommendations please...whats vodaphone like?
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