Yarn giant Kale İplik AŞ files for concordat

A concordat request has been filed for Kale İplik AŞ, Fırat Elyaf AŞ, and Fiberteks Tekstil AŞ, which are among Turkey's leading companies in yarn and fiber production.

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Yarn giant Kale İplik AŞ files for concordat

The textile sector, affected by rising inflation and the economic crisis, is experiencing a sharp decline.

According to a report by Halk TV, a concordat was requested for Kale İplik Sanayi ve Dış Tic. AŞ, Fırat Elyaf Sanayi ve Ticaret AŞ, and Fiberteks Tekstil San. ve Dış Tic. AŞ in an application made to the Tekirdağ Civil Court of First Instance.

As is known, companies under concordat protection cannot be subject to foreclosure.

COMMITTEE APPOINTED

Upon the application, the court granted a 1-year final grace period starting from September 13.

The court appointed Özkan Yılmaz, Simla Turgutlugil, and Ferahnaz Seval Özel as the commissioner committee. The company's first creditors' meeting will be held on November 29.

MORE THAN 500 EMPLOYEES

Kale İplik exports 70 percent of its production to Europe, the USA, and the Middle East. The remaining 30 percent of production is sold in the domestic market. More than 500 people work in the group companies.

News Source: 12punto