Famous cosmetics company pulls back from the brink of bankruptcy

Hunca, one of Turkey's long-established cosmetics companies, has successfully completed its concordat process by overcoming its financial difficulties.

The company, which declared a concordat in 2021 due to a financial crisis, restructured its debts by paying them off in less time than the planned 48 installments.

COURT APPROVAL GRANTED

According to a report by Ercan Öztürk from Patronlar Kulisi, the Istanbul 3rd Commercial Court of First Instance evaluated Hunca's request to exit the concordat process. Following the petition submitted by the company's lawyers, the court decided on February 10, 2025, to waive the concordat.

In line with the decision, the company's concordat project was canceled, and the trustee's duty was terminated.

PAID DEBTS AHEAD OF SCHEDULE

Founded in the 1960s and being one of Turkey's first cosmetics brands, Hunca had declared a concordat due to a debt burden exceeding 150 million TL.

However, the company maintained its financial discipline, paid its debts regularly, and exited the process earlier than planned.

Continuing its production and sales despite the difficult financial process, Hunca is entering a new era with the end of the concordat process. The company announced that it has strengthened its financial stability and will focus on future investments.