Meat brand sold in chain supermarkets files for concordat
Erşan Et, one of Turkey's leading meat producers, has filed for a concordat due to financial difficulties.
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The Bilecik 3rd Civil Court of First Instance granted Erşan Et a 3-month temporary grace period with its decision on August 8. During this process, a three-person concordat commissioner committee was formed to evaluate the company's financial situation. The committee will include Certified Public Accountant and Independent Auditor Belkıs Öztürk, Enforcement and Bankruptcy Law Expert Şevki Yetiker, and Certified Public Accountant and Independent Auditor Efsal Uzun.
Erşan Et supplies meat and burger patties to major chains such as Metro, Migros, Carrefour, BİM, Şok, A101, Özdilek, Çağdaş, and McDonald’s. However, like many companies, Erşan Et has faced financial difficulties due to the tight monetary policies implemented in Turkey in recent years.
DECISION TO BE MADE IN NOVEMBER
As a result of the evaluations to be conducted over the next three months, a final decision will be made regarding the company's concordat process. If deemed necessary, the court may extend the temporary grace period to a definitive grace period of 1 year, or it may declare bankruptcy if economic commitments are not met. This process could set an important precedent for other firms in the food sector.