Turkey's textile giant has declared bankruptcy protection.

31.03.2025 08:20

One of Turkey's famous companies, Tabi Tekstil, has filed for concordat due to economic difficulties. The court granted a three-month temporary injunction for the company and appointed a board of commissioners to oversee the concordat process.

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Tabi Textile Import Export Industry and Trade Limited Company, operating in Ankara, has filed for concordat in order to restructure its debts. The Ankara 1st Commercial Court evaluated the company's request and issued a 3-month temporary injunction decision.

CONCORDAT COMMISSIONERS APPOINTED

According to information from Concordat Follow-up, the Court appointed a concordat commissioners board to oversee the company's financial process and protect the rights of creditors. The board, consisting of lawyer Mihriban Naillioğlu, independent auditor Cahit Serkan Kumdakcı, and textile industry expert Mustafa Arslan, will supervise all of the company's transactions.

OBJECTIONS CAN BE MADE WITHIN 7 DAYS

Creditors will be able to object to the concordat request within 7 days following the announcement. It was stated that the process would be conducted in accordance with the relevant articles of the Turkish Commercial Code, and it was emphasized that the court's final decision would determine the company's future.

Founded in 2014, Tabi Textile was known for its collections that prioritize naturalness and comfort. The company, which started large-scale production with its factory that became operational in 2015, has been affected by financial fluctuations in recent years. Due to challenging economic conditions in the sector, the company, which has been experiencing payment difficulties, aims to restructure by entering the concordat process.