34-year-old textile giant Özgü Kumaş files for concordat

Istanbul-based textile firm Özgü Tekstil, with a 34-year history, has filed for a concordat after failing to overcome a financial bottleneck. The court has granted a three-month temporary grace period in line with the company's request and has taken measures to protect its assets.

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34-year-old textile giant Özgü Kumaş files for concordat

Istanbul-based textile firm Özgü Tekstil, which has been operating for 34 years, could not overcome its financial bottleneck. The company has filed for a concordat. While the company supplies fabric to many firms operating in the fashion sector, it is known for its production of organic and recycled fabrics.

THREE-MONTH TEMPORARY PERIOD GRANTED

Özgü Kumaş Sanayi ve Ticaret Limited Şirketi was granted a three-month temporary concordat grace period following its application to the Istanbul Civil Court of First Instance on April 30, 2025. The court stated that the documents submitted by the company were complete and appointed concordat commissioners. During this process, it was decided that all necessary measures would be taken to protect the company's assets while it attempts to strengthen its financial structure.

News Source: 12punto