Turkey's motor giant files for concordat

KEM-P, a leading Turkish manufacturer of vibration motors, has filed for a concordat due to the economic crisis. The company, which has been operating in the sector for over 30 years, has joined the list of bankruptcy-related news coming from İzmir.

According to a report by Halk TV, KEM-P Vibrasyon Motorları began its operations in 1990 with the production of industrial machinery. In the 2000s, it transitioned to the production of electric and pneumatic vibration motors, reaching a large customer base. However, the global economic crisis has negatively affected the company's financial structure.

COURT DECISION ANNOUNCED

The Karşıyaka Civil Court of First Instance issued a temporary injunction for KEM-P with its decision dated July 30, 2024. The company will be in the concordat process for the next 3 months. During this period, a commission consisting of a financial advisor, a mechanical engineer, and a legal expert has been appointed.

CREDITORS HAVE THE RIGHT TO OBJECT

The concordat decision has been announced to creditors. Creditors may argue that there is no situation requiring the granting of a concordat grace period within 7 days from the date of this announcement and may request that the court reject the application.

News Source: 12punto