22-year-old cable company files for concordat

Baran Kablo A.Ş., which has been manufacturing cables in Gebze, one of Kocaeli's key industrial zones, and operating in the sector for 22 years, has turned to the judiciary following a financial bottleneck. Due to serious cash flow problems, the company submitted a concordat request to the Gebze Civil Court of First Instance. The court has issued a three-month temporary grace period for the firm, which aims to restructure its debts through settlement.

During this process, the court appointed Financial Advisor Tuncer Karaman as the "Temporary Concordat Commissioner" to closely monitor the company's financial activities. Throughout his tenure, Commissioner Karaman will analyze Baran Kablo's financial movements and inform the court about the company's potential for recovery through detailed reports he will prepare.

With the official announcement made under the Enforcement and Bankruptcy Law, the legal objection process has also begun for all individuals and institutions to whom Baran Kablo owes money. Creditors wishing to object have the right to apply to the court within seven days from the announcement of the decision, providing grounds as to why the conditions for a concordat have not been met.

Meanwhile, the course of the process will become clear in June. The court will hold a preliminary hearing on June 25, 2026, at 14:30. At this hearing, critical decisions will be made regarding whether the temporarily granted grace period will be finalized and concerning the future of the company.

While Baran Kablo is known for its long-standing presence in the sector, how the financial crisis it is currently facing will conclude is being closely followed by both its employees and other actors in the industry.

News Source: 12punto