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News Breaks | | | | January 30, 2013 | | 10:06 EDT |  | TKC | Turkcell drops after court says Cukurova should be able to redeem shares
Britian's Judicial Committee of the Privy Council issued a judgement in Cukurova Holding's case against Alfa Telecom Turkey. The Judicial Committee said it considers that there was an event of default, which entitled Alfa Telecom Turkey to "accelerate the loan and to appropriate - or forfeit - the charged shares, but that relief against forfeiture should be available" to Cukurova "on appropriate conditions." The shares in question refer to Turkcell. Following the ruling, shares of Turkcell (TKC) are down 8%, or $1.30, to $15.57. Reference Link | |
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