Uşak Seramik Sanayi AŞ, one of Turkey's long-established ceramic manufacturers, has filed for a concordat to restructure its financial position. The application of the company, which continues its production activities in the Banaz district of Uşak, was evaluated by the Banaz 2nd Civil Court of First Instance.
With its decision dated September 29, 2026, the court appointed a three-person temporary concordat commissioner committee for the company. The company announced that the application was made to restructure debts and ensure the continuation of commercial activities.
Within the scope of the measures taken by the court, no new enforcement or bankruptcy proceedings can be initiated against the company, except for privileged claims specified by law. Previously initiated proceedings will be suspended during the temporary grace period. It was stated that proceedings regarding secured claims may continue, but the sale of pledged assets cannot be carried out.
WATCHLIST DECISION FROM Borsa İstanbul
Following the start of the concordat process, Borsa İstanbul also made a decision regarding the company's shares. Accordingly, USAK shares were moved to the Watchlist Market. The trading session for the shares will remain closed on September 30 and will resume trading on the Watchlist Market starting October 1.
Uşak Seramik had experienced payment delays shortly before the concordat application. The redemption and coupon payment that was due on September 22 regarding the private sector debt instrument issued by the company could not be made on time. The company had announced that this situation was caused by a technical and operational disruption during the payment and fund transfer process.
A ban on short selling and margin trading had previously been implemented for the company's shares within the scope of the Volatility Based Measures System. It was announced that this measure would be valid from September 25 until the end of the session on October 23, 2026.
In the period ahead for Uşak Seramik, which was founded in 1972, the decisions to be made by the court and the examinations of the temporary concordat commissioner committee will be decisive.
News Source: 12punto
