Fuel giant files for concordat

Adana-based Daspet Akaryakıt ve LPG Dağıtım Ticaret A.Ş. has filed for a concordat due to financial difficulties. Founded in 2013, the company had quickly become one of the leading brands in the region. However, increasing economic challenges in recent years have negatively impacted the company's financial structure.

COURT GRANTS 3-MONTH TEMPORARY GRACE PERIOD

The Adana 1st Commercial Court of First Instance has issued a 3-month temporary grace period for Daspet in accordance with Article 287 of the Enforcement and Bankruptcy Law.

It was reported that creditors have the right to object to the concordat request within 7 days from the date of the announcement; otherwise, the process will continue under court supervision.

FAILED TO REACH ITS TARGETS

Following its establishment, Daspet had grown rapidly and increased its number of stations. The company had previously announced that it aimed to increase its stations across Turkey by 25 percent and had planned to operate in surrounding provinces as well as Adana.

However, economic fluctuations in recent years and financial difficulties in the sector prevented the company from realizing its plans. At the end of this process, Daspet entered a protection process by filing for a concordat.

News Source: 12punto