As economic difficulties deepen across Turkey, there is a notable increase in concordat applications. Vita Bianca Group, which operates in the Pancar Organized Industrial Zone, Kısıkköy Furniture City, and İTOB Organized Industrial Zone—some of İzmir's leading production hubs—has joined the list of companies affected by this process.
The group companies, which produce in the furniture and textile sectors, applied to the court for a concordat due to rising costs, difficulties in accessing financing, and cash flow problems.
Following the application, the İzmir 1st Commercial Court of First Instance decided to grant a one-year final grace period to Vita Bianca Ahşap, Vita Bianca Mobilya, and Vita Mobilya Tekstil companies.
The group, which also produces for international markets, had previously made a name for itself with special production projects carried out for Qatar's national airline, Qatar Airways.
News Source: 12punto
