17.08.2026 09:10
Fikret Petrol, an Istanbul-based distributor of Opet, has filed for concordato (debt restructuring) in order to restructure its financial obligations. The court granted the company a 3-month temporary respite, halted enforcement proceedings, and appointed a supervisory board. The company, for its part, announced that its commercial activities continue uninterrupted.
Fikret Petrol, an Istanbul-based distributor of Turkish fuel giant Opet, has filed for concordat (debt restructuring) to link its current financial obligations to a sustainable payment plan and secure its commercial operations. The court granted a 3-month provisional moratorium for the company and appointed a committee of commissioners to manage the process.
COURT ISSUES 3-MONTH PROVISIONAL MORATORIUM DECISION
According to the statement made by the company to the Public Disclosure Platform (KAP), the application made within the scope of Articles 285 and subsequent of Law No. 2004 on Execution and Bankruptcy was concluded. The process officially began with the decision taken on August 14, 2026, in file no. 2026/1689 of the Istanbul 3rd Commercial Court of First Instance.
In line with the court's decision, a 3-month provisional moratorium was granted for Fikret Petrol, and a provisional concordat committee of commissioners was appointed in accordance with Article 290 of the law. Additionally, it was ruled that this decision be officially announced as required by law.
EXECUTION PROCEEDINGS AGAINST THE COMPANY SUSPENDED
The provisional moratorium decision issued by the court produces the consequences of a definitive moratorium, except for the exceptions specified in the law. Within the framework of this legal protection provided, initiating new execution proceedings against the company and advancing existing proceedings have been completely suspended.
INTERIM INJUNCTION ON LETTERS OF GUARANTEE
The court also issued an important interim injunction regarding letters of guarantee on the same date to preserve the company's financial balance. In line with this decision, until the opinions of the relevant creditors and the provisional committee of commissioners are obtained and a final assessment is made, letters of guarantee issued by the company will be deemed as collateral for the commercial relationship. Furthermore, the maturity dates of the letters of guarantee will be considered extended for the duration the said injunction remains in effect.
STATEMENT FROM THE COMPANY: OUR OPERATIONS CONTINUE
In a statement made by Fikret Petrol's management regarding the concordat process, it was emphasized that the main purpose of the application is to jointly protect the company's assets, commercial operations, and creditors' collection opportunities.
Company officials, stating that the goal is to restructure existing debts within a sustainable framework, reported that their operations continue uninterrupted. It was also stated that significant developments during the concordat process will be regularly shared with the public within the scope of capital market legislation.