Uşak Seramik files for concordat: Shares moved to Watchlist Market

Uşak Seramik Sanayi AŞ, one of Turkey's long-established ceramic manufacturers, has filed for a concordat in order to restructure its financial position and continue its operations.

The application of the company, which operates in the Banaz district of Uşak, was evaluated by the Banaz 2nd Civil Court of First Instance. With its decision dated September 29, 2026, the court appointed a three-person temporary concordat commissioner board.

Within the scope of the court's measures, no new enforcement or bankruptcy proceedings can be initiated against the company, except for privileged claims specified by law. Existing proceedings will be suspended during the temporary grace period. Proceedings regarding secured claims may continue, but the sale of pledged assets will not be permitted.

DISRUPTIONS IN THE PAYMENT SCHEDULE HAD OCCURRED

Prior to the concordat application, the company had experienced disruptions in its payment schedule. The redemption and coupon payment for the private sector debt instrument issued by Uşak Seramik, which was due on September 22, could not be made on time. The company had announced that this situation was caused by technical and operational disruptions in the payment and fund transfer process.

Following the start of the process, Borsa İstanbul also made a decision regarding the company's shares. It was ruled that USAK shares would be moved to the Watchlist Market. The trading sequence for the shares will remain closed on September 30 and will resume trading on the Watchlist Market starting October 1.

It had previously been announced that a ban on short selling and margin trading would be applied to Uşak Seramik shares within the scope of the Volatility Based Measures System. It was reported that this measure would be valid from September 25 until the end of the session on October 23, 2026. The company's future will be determined by the court's subsequent decisions and the examinations of the commissioner board.