Fuel giant in the grip of bankruptcy

Euroil, which has approximately 100 fuel stations across Turkey, has declared concordat due to financial difficulties. The Istanbul Anatolian 3rd Commercial Court of First Instance has appointed a board of commissioners to evaluate the company's financial situation.

Don't leave your news choices to an algorithm - decide for yourself what you read. Add 12punto to your preferred sources! Don't leave your news to an algorithmYou decide which source to read; add 12punto to your preferred sources.

Euroil, which provides services in various provinces of Turkey, has reached the brink of bankruptcy by filing for a concordat due to economic difficulties. The company distributes fuel across the country from its storage facilities in Mersin, Gaziantep, and Kırıkkale.

COURT APPOINTS BOARD OF COMMISSIONERS

While many businesses are facing the danger of closure due to the impact of high inflation, Euroil has also filed for a concordat due to long-standing financial problems. The Istanbul Anatolian 3rd Commercial Court of First Instance granted the company a 3-month temporary grace period and appointed a board of commissioners consisting of Financial Advisor Yasin Doğan, Independent Auditor Ahmet Özmaden, and Enforcement and Bankruptcy Lawyer İbrahim Aşık to examine the financial statements.

EUROIL'S PAST SCALE

Once one of Turkey's largest fuel distribution companies, Euroil held a significant position in the sector in 2010 with 303 stations. However, it has entered a downsizing process in recent years due to changing economic conditions and tight monetary policies.

News Source: 12punto