It was a Turkish textile giant! It has filed for concordat

Tabi Tekstil İthalat İhracat Sanayi ve Ticaret Limited Şirketi, which operates in Ankara, has filed for a concordat to restructure its debts. The Ankara 1st Commercial Court of First Instance evaluated the company's request and granted a 3-month temporary grace period.

CONCORDAT BOARD OF COMMISSIONERS APPOINTED

According to information from Korkordato Takip, the court has appointed a board of concordat commissioners to monitor the company's financial process and protect the rights of creditors. The board, consisting of legal expert Mihriban Naillioğlu, independent auditor Cahit Serkan Kumdakcı, and textile industry expert Mustafa Arslan, will oversee all of the company's transactions.

OBJECTIONS CAN BE FILED WITHIN 7 DAYS

Creditors will be able to object to the concordat request within 7 days following the announcement. It was stated that the process will be conducted in accordance with the relevant articles of the Turkish Commercial Code, and it was emphasized that the court's final decision will determine the company's future.

Founded in 2014, Tabi Tekstil was known for its collections that prioritized naturalness and comfort. The company, which began large-scale production with its factory that became operational in 2015, has been affected by financial fluctuations in recent years. Facing payment difficulties due to challenging economic conditions in the sector, the firm aims to restructure by entering the concordat process.

News Source: 12punto