July 17 (SeeNews) - Turkey's Cukurova Group has requested extension of the deadline by which it should pay $1.565 billion (1.191 billion euro) to Russia's Alfa Telekom Turkey Ltd (ATT) to recover its stake in Turkish mobile operator Turkcell Iletisim Hizmetleri [BIST:TCELL], a UK court said.
Cukurova has applied for an extension of the payment deadline until appeals pending before the US Court of Appeals for the Second Circuit have been resolved, the Judicial Committee of UK's Privy Council said in a statement on Tuesday.
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Last week, ruling on a case between Cukurova's unit Cukurova Finance International Ltd (CFI), based on the British Virgin Islands, as appellant and ATT as respondent, the Privy Council gave Cukurova 60 days to redeem shares which it forfeited after defaulting on a ATT loan.
The court will hear oral submissions by the parties on July 23.
($ = 0.761 euro)