Concordat news one after another: Giant yarn factory declares concordat
Yuvam İplik Sanayi ve Ticaret Limited Şirketi, which has been operating for 22 years in the Nilüfer district of Bursa, has filed for a concordat due to financial difficulties and has been granted a 3-month temporary grace period by the court.
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Yuvam İplik, which produces weaving, knitting, tricot, carpet, and embroidery yarns in a 5,000-square-meter area in the Bursa Organized Industrial Zone, has entered the concordat process following its financial troubles.
The Bursa 1st Commercial Court of First Instance evaluated the company's application, issued a temporary grace period decision, and prohibited the transfer of the company's movable and immovable assets. Furthermore, the firm will not be able to establish liens or act as a guarantor without court permission.
As of July 16, 2025, no new enforcement or bankruptcy proceedings can be initiated against Yuvam İplik.
Creditors have the right to submit a petition of objection to the court. The temporary grace period decision produces the consequences of a final grace period in accordance with Article 288/1 of the Enforcement and Bankruptcy Law, and within this scope, precautionary measures have been suspended.
However, privileged claims and debts secured by liens have been excluded from these measures.
The court appointed Tuncay Şimşek as the concordat commissioner. Şimşek will audit the company's financial situation and closely monitor the process. Situations such as the extension of the temporary grace period may be evaluated by the court.