TEM Kablo, founded in Sakarya by retired army ordnance officer Haluk Karakurt and a manufacturer of cable assemblies for armored vehicles and military weapons, has reached the verge of bankruptcy.
Operating for 29 years with 250 employees in its 10,000-square-meter facility in Arifiye, TEM Kablo, whose clients include Aselsan, Roketsan, and Otokar, provides cable systems for vehicles such as the ALTAY tank, FIRTINA howitzer, Ejder, Yalçın, PARS, KOBRA, and ARMA.
The Sakarya Civil Court of First Instance granted TEM Kablo, which declared a concordat, a 3-month temporary grace period on April 30.
The tight monetary policies implemented in Turkey are making it difficult for companies to access cheap financing. This situation is causing many firms to file for concordat. While companies experiencing financial difficulties are declaring bankruptcy, larger companies are turning to layoff programs.
Most recently, Vestel, one of Turkey's leading technology firms, announced that it would lay off 2,000 people, corresponding to 10 percent of its workforce.
News Source: 12punto
