Turkey's dairy giant goes bankrupt: To be sold at auction

Founded in the 1970s, Kay Süt changed hands following the death of its founder, Kemal Ayhan. The new owner of the facility became the Ankara-based Yıldızlar SSS Holding.

However, after the transfer, the company began experiencing economic problems and filed for a concordat for one of its factories. 

According to a report by Halk TV, it was stated that the company's factory located in the Altıeylül district of Balıkesir has been put up for sale through foreclosure.

668 MILLION LIRA VALUATION

Garanti Bank, acting as a creditor, requested the foreclosure sale of the Kay Süt factory, which appears to be owned by Mar Tüketim Maddeleri AŞ. According to the sale file of the Balıkesir 4th Enforcement Office, a value of 668 million TL has been set for the facility, which is built on an area of 34 thousand 432 square meters. The foreclosure auction for the facility will be held on July 16.

HOTEL LAND ALSO TO BE SOLD AT AUCTION

On the other hand, the foreclosure sale of a valuable plot of land in İzmir Çeşme, belonging to Yıldızlar SSS Holding—which has made a name for itself in recent years with the facilities it acquired in privatization tenders—has also been requested. The value determined for the hotel land, which Halk Bank requested to be sold, is 417 million TL. The auction for the aforementioned land will be held on July 8.

News Source: 12punto