Famous chocolate brand on the brink of bankruptcy: Concordat declared!
High inflation and interest rates have left the famous chocolate brand Karnaval Çikolata in a difficult position. The company has declared a concordat at the Istanbul Anadolu 1st Commercial Court of First Instance and has been granted a 3-month temporary grace period. Facing the risk of bankruptcy, the firm may seek a settlement with its creditors until October 23.
12punto
The famous chocolate brand Karnaval Çikolata is experiencing financial difficulties due to high inflation and interest rates. The company declared a concordat at the Istanbul Anatolian 1st Commercial Court of First Instance and was granted a 3-month temporary grace period starting from October 10.
While the court ensured the company is protected from potential seizures, it appointed a committee consisting of an independent auditor and an enforcement and bankruptcy law expert. Karnaval Çikolata could face a bankruptcy ruling following an examination to be held on January 14. Creditors have the chance to change the situation by filing an objection until October 23.
According to a report by Gerçek Gündem, the chocolate brand Karnaval Çikolata Gıda Sanayi Ticaret Limited Şirketi, located in Ümraniye, Istanbul, has declared a concordat. The Istanbul Anatolian 1st Commercial Court of First Instance granted the company a 3-month temporary grace period effective from October 10.
The court lifted the precautionary measures against the company, thereby protecting it from potential seizures for 3 months.
COMMITTEE APPOINTED
A 2-person concordat commissioner committee consisting of Independent Auditor and Certified Public Accountant Mustafa Dağüstü and Enforcement and Bankruptcy Law Expert Dr. Lecturer Evren Kılıçoğlu was appointed to the case.
If the company cannot recover its financial situation as a result of the examinations to be conducted at the court hearing on January 14, a bankruptcy decision will be issued for the company.
IF THEY FILE A PETITION BY OCTOBER 23, THE DECISION WILL BE CANCELLED
If the company's creditors file an objection to the court with a petition by October 23 and prove with evidence that there is no situation requiring the granting of a concordat grace period, they will be able to request the rejection of the concordat application.
