Another company in Turkey has gone bankrupt

In recent years, under the influence of economic policies pursued in Turkey, many large companies have either raised the white flag of bankruptcy or filed for concordat. Firms operating in the energy sector, one of the industries most affected by this process, have been dragged into major impasses due to rising costs, difficulties in accessing financing, and market uncertainties.

The latest addition to this picture is Yediyol Holding, known for its investments in renewable energy and agriculture. Founded in 1998, the company had undertaken significant projects in the energy sector for many years and had also drawn attention with its agricultural investments. However, unable to overcome the economic bottleneck it faced, the company has gone bankrupt.

CONCORDAT PROCESS TERMINATED, BANKRUPTCY DECISION RENDERED

Yediyol Holding had previously applied for a concordat in an attempt to overcome its financial crisis. However, the Istanbul 1st Commercial Court of First Instance terminated the concordat process as a result of the ongoing case and issued a bankruptcy ruling.

The court reached a bankruptcy verdict not only for the holding company but also for 6 of its subsidiaries. In line with the decision, it was reported that the temporary injunction had been lifted and that the liquidation of the companies would be carried out under the "simple liquidation procedure" framework.

News Source: 12punto