Nokia Reaches Deal with Turkey on Claim against Telsim

Istanbul -- Finland-based Nokia, the largest mobile-phone maker in the
world, announced that it has reached a settlement with the Turkish
government over Nokia's claim against local network operator Telsim.
Turkey has been in talks with Nokia since last July over the 737 million
euro in debt owed Nokia by Telsim, which also has approximately 2
billion euro of debt to U.S.-based mobile giant Motorola. Under the
terms of the agreement, the Turkish Savings and Deposit Insurance
Fund (TMSF) -- the state banking agency that currently controls Telsim
-- will provide Nokia with a payment after the sale of Telsim's assets;
the amount of the payment will depend on the final proceeds from the
sale, Nokia said. Turkey issued a sale tender for Telsim last week,
setting Sept. 19 as the deadline for pre-qualification bids and Dec. 5 as
the deadline for bidding.
http://press.nokia.com/PR/200508/1008785_5.html