Pamukkale Turizm, a 56-year-old Turkish coach company, has been declared bankrupt by a court, the Diken news website reported on Thursday.
In October Pamukkale had applied for debt restructuring within the framework of what is referred to in Turkey’s commercial law as “konkordato,” and an İzmir commercial court that took charge of the case had granted a three-month delay for assessment of the situation and for possible objections to the payment plan submitted to the court.
“It has become compulsory for us to restructure our debts as a result of difficulties created by the economic conditions that we find ourselves in. Our goal in this short restructuring and planning is to protect the rights of our 3,500 employees, their families, our business partners and our clients in order to be able to take stronger steps towards the future,” Pamukkale had said in its statement.
After evaluation of the documents, the court concluded that the İzmir-based company could no longer pursue its business operations and rejected the request for konkordato.