Türkiye's giant bus company is on the verge of bankruptcy

Türkiye's giant bus company is on the verge of bankruptcy. The intercity passenger transportation sector is experiencing a shock due to a concordat filing. Kale Seyahat, which has been operating in Turkey for many years and has a wide passenger network, is going through difficult times due to economic difficulties.

KALE SEYAHAT FILES FOR CONCORDAT

The half-century-old company, founded in 1975, has filed for concordat. Following the application, the Tekirdağ Civil Commercial Court granted a 3-month temporary moratorium to protect the financial structure of the companies and restructure their debts. During this period, the companies will be under legal protection against enforcement and seizure procedures by creditors.

CONCORDAT COVERS MULTIPLE COMPANIES

The decision covers not only the main company but also its affiliated businesses such as Kale Express, Grandtur, Çelebiler Turizm, and Bayraktar Saray Petrolcülük. Thus, a total of multiple companies have been included in the concordat process under the same umbrella.

A THREE-MEMBER COMMISSIONER COMMITTEE WAS APPOINTED

The court also appointed a three-member commissioner committee to ensure the smooth progress of the process. This team will examine the companies' financial statements, oversee their debt restructuring plans, and evaluate whether the businesses can continue their operations with the report they will prepare.

RIGHT OF OBJECTION FOR CREDITORS

On the other hand, a critical timeline has begun for creditors. According to the relevant law, individuals and institutions wishing to object to the concordat decision can intervene in the process by applying to the court within 7 days from the date of the announcement.

Türkiye's giant bus company is on the verge of bankruptcy

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