Turkey, Motorola reach deal on Telsim debt
An AFP newswire article, via Yahoo! News, reports that:
Turkish authorities said a deal had been reached with Motorola to settle a dispute over debts owed to the US telecom giant by Turkey's second largest mobile phone operator Telsim, in state receivership since 2004.
Under the deal, Motorola will be paid 500 million dollars (414.4 million euros) and will also get 20 percent of the planned sale of Telsim if the price exceeds 2.5 billion dollars (2.1 billion euros), Ahmet Erturk, the head of the state deposit insurance fund (TMSF), was quoted as saying by Anatolia news agency.
In return, Motorola has agreed "to end all lawsuits it has opened against the company (Telsim) and Turkey as of today," he said.
posted by Fergie @ 10/28/2005 01:24:00 PM
0 Comments:
Post a Comment
<< Home