ISTANBUL - Cukurova Holding announced that it signed a $1.5 billion loan on Thursday, in order to pay off all of its $1.35 billion debt to the Russian Alfa Group.
According to a written statement by the holding company, JP Morgan Plc has been exclusively authorized to collect the claims and be the global coordinator for the loan agreement, reported Anatolia news agency.
"The loan talked about will be used to make an early payment for the full Cukurova Group`s debt to Alfa Group. The notification related to the pay back has been sent," read the announcement.
Alfa`s subsidiary Altimo said earlier that the Turkish company has repeatedly violated the contract and had demanded that Cukurova immediately pay off its $1.35 billion debt. Cukurova group denied all allegations. Then last month Cukurova Group announced it would pay off its debts to Altimo ahead of schedule.
Alfa had said it had applied to a British Virgin Islands court to seize Cukurova`s stake in Turkcell, Turkey`s leading mobile operator, while Cukurova previously said Alfa had no right to demand payment before November 25, 2007.