In line with its aim of improving balance sheet structure, Turkcell, a leading Turkish mobile phone operator, has restructured the outstanding debts of Astelit and Best to foreign stakeholders.

Turkcell International’s (Turkcel’s subsidiary in Ukraine and Belarus) second quarter earnings have accounted for 7% of total Group revenues.

Commenting on the move, Turkcell said that 80% of its subsidiary’s debt in Belarus had been converted into a subordinated loan of USD 688 million.

To eliminate currency risks, Turkcell also restructured Astelit’s outstanding debt of $875 million in July.

Consequently, Astelit’s capitalization has increased by $686 million, while Turkcell used $125 million in loan money as a guarantee. Also, a $66 million loan was taken out directly from Turkcell.

According to Turkcell’s financial statement, currency devaluation in Ukraine and Belarus has caused Turkcell International’s revenue drop by 23,6% in the second quarter.