67-year-old industrial giant files for concordat

Founded 67 years ago in Istanbul as a family business and eventually becoming one of Turkey's significant companies, Karataş Group has declared a concordat following a financial bottleneck. 

COURT GRANTS 3-MONTH GRACE PERIOD

Known as one of the sector's leading firms with its subsidiaries Karataş Demir Çelik, Karataş Sac Boru, Karataş Demir Çelik Gebze Branch, Karataş Sac Boru İzmir Branch, Karataş Steel Service Center, Karataş Storage and Logistics, and Karataş Machinery Manufacturing, Karataş Group has been going through difficult times recently. 

The Bursa 1st Commercial Court of First Instance, upon the application of the company experiencing economic distress, issued a 3-month temporary grace period decision and appointed a 3-person concordat commissioner board to examine the company's financial statements. 

WAS A TAX RECORD HOLDER

Karataş Group companies were entitled to receive the sector leader award in the "49th Economy Value Creators Award Ceremony" held just 4 months ago.

The group also paid the 7th highest corporate tax in Gemlik in 2016. The certificate of appreciation for Karataş Demir Çelik was presented to the Chairman of the Board, Muhittin Karataş, by Gemlik Tax Office Manager Serdar Çıta.

6 COMPANIES FILED FOR CONCORDAT 

According to the news in the Bursada Bugün newspaper; the concordat application was made for Karataş Çelik Servis Merkezi Sanayi ve Ticaret Anonim Şirketi, Karataş Demir Çelik Sanayi ve Ticaret Anonim Şirketi, Karataş Depolama ve Lojistik Anonim Şirketi, Karataş Makine İmalat Sanayi ve Ticaret Anonim Şirketi, Karataş Panel Saç Sanayi ve Ticaret Limited Şirketi, and Karataş Sac ve Boru Turizm Sanayi Dış Ticaret Anonim Şirketi, which are within the structure of the company that knocked on the court's door due to financial problems.

News Source: 12punto