10.02.2025 10:20
The 40-year giant of Turkish textiles, Sateks, narrowly avoided declaring bankruptcy. Despite exporting to five countries, the textile company, which has been facing economic difficulties for a long time, had its request for concordat rejected by the Bursa 1st Commercial Court, which ruled that there was no need to declare bankruptcy.
The global economic crisis has led to the bankruptcy of many companies, while Turkey's 40-year-old textile giant Sateks has managed to survive against all odds.
ANNOUNCED CONCORDAT FOR 5 MONTHS
Sateks, one of Turkey's important industrial companies exporting to 5 countries, entered the concordat process due to economic difficulties. According to information in the concordat follow-up, the Bursa-based company had a wide customer portfolio both domestically and internationally. However, it faced the risk of bankruptcy due to the economic challenges it experienced recently. The company aimed to restructure its debts by announcing a concordat for 5 months.
IT WAS ANNOUNCED THAT THERE WAS NO NEED FOR A BANKRUPTCY DECISION
The Bursa 1st Commercial Court decided to extend the previously granted 3-month temporary concordat period for Sateks by an additional 2 months. Thus, the company's current measures continued, and the concordat commissioner carried out his duties. However, in its latest decision, the court stated that Sateks could pay its debts and that there was no need for a bankruptcy decision. While the company's request for concordat was rejected, a bankruptcy decision was also avoided.
BRIGHTENED THE FACES OF HUNDREDS OF WORKERS
The court's decision was a great relief for Sateks employees and all stakeholders. This decision, taken for the future of the company, brightened the faces of hundreds of workers. With the court's decision, the measures implemented by Sateks were lifted, and the authority of the concordat commissioner came to an end.
CAN PRODUCE 600 TONS PER MONTH
Sateks has an annual production capacity of 4,800 tons and can produce 600 tons per month. In addition to the production of textile products such as polyester, cotton, viscose, and nylon, it also draws attention with the production of bobbin and muf dye. The company, which engages in contract manufacturing and direct sales in the domestic market, continues to maintain its effectiveness in exports. Sateks exports to countries such as the UK, Germany, Italy, Hong Kong, and Bulgaria, making a name for itself in the global market.