Ankara-based Madencan Çelik Profil Anonim Şirketi was among the important players of the sector with its exports to 28 countries abroad. However, the company, which requested concordat in the past months due to financial imbalances, caused great repercussions in the trade world.
The court reviewed the temporary respite decision previously initiated for Madencan Çelik Profil A.Ş. and other legal entities with the same title, ASSC İç ve Dış Ticaret Ltd. Şti. and İlter Madencan, and ruled for the continuation of the process. Accordingly, the concordat protection granted on February 14 was extended until July 14, 2025, effective from May 14.
During this period, companies will remain under legal protection under Articles 294 and following of the Enforcement and Bankruptcy Law. All enforcement proceedings will be suspended, while the restructuring of commercial activities will continue under court supervision.
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