The concordat process has returned to the agenda for Les Ottomans, located in one of Istanbul's most prestigious spots. Following the rejection of a previous application, the company that owns the hotel has once again applied to the court.
CONCORDAT PROCESS RESTARTED
According to a report by NTV, the company's process, which had requested a concordat last year and had that request temporarily accepted, had ended with the court's rejection decision in November 2025. However, the process has been restarted with a new application.
Kalamos Turizm ve Ticaret A.Ş., which is affiliated with the Luxembourg-based Universal Luxembourg Group SA under Unit Investments SA—owned by businessman Ünal Aysal—has headed to the Istanbul 3rd Commercial Court of First Instance with a concordat request.
COURT DECIDES ON EXPERT REVIEW
The court made significant decisions regarding the file in its preliminary report dated March 16, 2026. Accordingly;
- The report of the concordat commissioner board and the scope of the file will be examined
- A detailed report will be requested from the expert panel
- The panel will be given 60 days for the report
- On-site inspection of commercial records will be permitted
Furthermore, in line with the relevant decision of the 45th Civil Chamber of the Istanbul Regional Court of Justice, it was decided that the preliminary report be served to the company's attorney.
The court will reconvene for a final assessment on June 11, 2026, at 14:35.
HOTEL'S OPERATIONAL STATUS
On the other hand, according to information on the hotel's official website, accommodation, SPA, and restaurant services are temporarily suspended. However, it is stated that invitation and event services continue.
News Source: 12punto
