July 29 (SeeNews) - A UK court said on Monday that it will give Turkey's Cukurova Group more time to repay $1.57 billion (1.18 billion euro) in debt to Russia's Alfa Telekom Turkey Ltd (ATT) to recover its stake in Turkish mobile operator Turkcell Iletisim Hizmetleri [BIST:TCELL].
The Judicial Committee of UK's Privy Council said in a statement that it grants Cukurova "an extension of time without a cut-off date to recover the shares" and suspends the running of interest on Cukurova's loan to ATT effective from July 29 until a separate case involving ATT pending before the U.S. Court of Appeals in New York has been resolved.
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Privy Council revealed in a statement on July 17 that Cukurova had requested extension of the deadline to repay its debt to ATT. A week earlier, Privy Council gave Cukurova 60 days to redeem shares which it forfeited after defaulting on a ATT loan, ruling on a case between Cukurova's unit Cukurova Finance International Ltd (CFI), based on the British Virgin Islands, as appellant and ATT as respondent.