06.02.2025 10:20
The publicly traded Green Real Estate Investment Trust (REIT) has declared concordat due to financial difficulties. The Bakırköy 2nd Commercial Court granted a three-month temporary stay on Green REIT's application for concordat.
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Green Real Estate Investment Trust announced a concordat due to zoning issues related to the Innovia 4 project. The following statements were included in the announcement made to KAP regarding the matter:
"WE HAVE BEEN VICTIMIZED"
Our company has suffered greatly due to the zoning issues we experienced with the Innovia 4 project. In response to customers' requests for the return of their apartments, 640 apartments were taken back and returned to customers along with the interest on their receivables, significantly depleting our company's cash resources and putting the company and all other stakeholders in a difficult situation.
Customers are filing lawsuits for receivables with bankruptcy requests and are keeping our company under the threat of bankruptcy. We aim to protect our company's 16 billion TL equity, spread customers' receivables over a reasonable term, and complete the Innovia 4 construction to help our company navigate this difficult situation smoothly.
3 MONTHS OF TEMPORARY STAY GRANTED
In this context; The Bakırköy 2nd Commercial Court granted a temporary stay of three months from 05/02/2025 with the file number 2025/113 E. for our application for concordat, temporary concordat commissioners were appointed, and precautionary measures were ordered.
In the ongoing process, all efforts will be made to ensure that the company's operations are not disrupted and to achieve the targeted point in order to regularize cash flow.
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