While the company was struggling with its debt of 1.3 billion lira, a temporary respite decision was made by the Istanbul Anatolian Commercial Court of First Instance for the regulation and supervision of its activities in this process.
550 employees of Güney Çelik had previously protested because of not being able to receive their wages. The inability to pay these fees, which constitute a large part of its debts, deepened the difficulties in the company's financial structure.
A committee of 3 commissioners was appointed
The situation of Güney Çelik, which requested concordat, was explained as a logistics company being dragged into bankruptcy due to a dispute between creditors. Istanbul Anatolian 3rd Commercial Court of First Instance gave a temporary respite decision in favor of the company and a committee of 3 commissioners was appointed to regulate and supervise the activities.
The court decision ensured that the company was protected against its financial problems. This development enabled the company to restart production, which had been stopped for a long time. Güney Çelik has been operating since 1992 and ranked 314th on the ISO 500 list in 2021.
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