9,484.26 TRY BIST 100 BIST 100
37.93 USD USD USD
5.23 CNY CNY CNY
41.82 EUR EUR EUR
0.12 CNY CNY/EUR CNY/EUR
45.20 TRY Interest Interest
69.56 USD Fossil Oil Fossil Oil
31.51 USD Silver Silver
4.76 USD Copper Copper
102.77 USD Iron Ore Iron Ore
356.00 USD Shipbreaking Scrap Shipbreaking Scrap
3,797.04 TRY Gold (gr) Gold (gr)
9,484.26 TRY BIST 100 BIST 100
37.93 USD USD USD
5.23 CNY CNY CNY
41.82 EUR EUR EUR
0.12 CNY CNY/EUR CNY/EUR
45.20 TRY Interest Interest
69.56 USD Fossil Oil Fossil Oil
31.51 USD Silver Silver
4.76 USD Copper Copper
102.77 USD Iron Ore Iron Ore
356.00 USD Shipbreaking Scrap Shipbreaking Scrap
3,797.04 TRY Gold (gr) Gold (gr)
9,484.26 TRY BIST 100 BIST 100
37.93 USD USD USD
5.23 CNY CNY CNY
41.82 EUR EUR EUR
0.12 CNY CNY/EUR CNY/EUR
45.20 TRY Interest Interest
69.56 USD Fossil Oil Fossil Oil
31.51 USD Silver Silver
4.76 USD Copper Copper
102.77 USD Iron Ore Iron Ore
356.00 USD Shipbreaking Scrap Shipbreaking Scrap
3,797.04 TRY Gold (gr) Gold (gr)

Iron and steel giant requested concordat

Known as one of Türkiye's leading steel producers, Güney Çelik Hasır and Demir Mamulleri San. Tic. AŞ requested concordat in order to cope with financial difficulties.

Iron and steel giant requested concordat

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.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

China to impose a 34% tariff on the US!

Friday, April 4, 2025

American Iron and Steel Institute praises Trump

Friday, April 4, 2025

Poor quality steel alert in Thailand: Federation of Thai Industries calls for stricter inspections

Friday, April 4, 2025

ArcelorMittal South Africa closure delayed by six months

Friday, April 4, 2025

EUROMETAL discusses critical steel sector issues with European Commission

Friday, April 4, 2025
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now