Banks Hire Lazard to Solve Turkey’s Biggest Default

Source:Bloomberg Date:20Sep2017

The companies have been locked in talks for almost a year after Otas failed to pay a September 2016 installment on the loan, the country’s biggest ever syndicated facility. Otas struggled to make the dollar-denominated loan repayments after a slump in the Turkish lira dented the value of the company’s local earnings.