04.08.2024 09:10
07 Uğur Profil A.Ş, one of Turkey's leading automotive companies since 1995, has filed for concordat. The company's application to the Alanya Commercial Court has caused a shock effect in the industry, as it has been left helpless by the global economic crisis.
The latest company affected by the global economic crisis is 07 Uğur Profil A.Ş., which has been operating in Turkey for 29 years.
TEMPORARY RESPIRATION DECISION FOR 3 MONTHS
07 Uğur Profil A.Ş., one of Turkey's leading automotive companies, has filed for concordat due to the financial difficulties caused by the global economic crisis. The court has granted a temporary respiration decision for a period of 3 months.
The leading automotive giant in Turkey, 07 Uğur Profil Turizm Otomotiv Nakliyat İnşaat Sanayi ve Ticaret A.Ş., Uysallar Seracılık Tarım İnşaat Sanayi Ticaret Limited Şirketi, Hüseyin Uysal, and Mustafa Uysal have been granted a temporary respiration decision.
Announcement for the company declaring concordat:
Court Decision
Hearing Date: October 14, 2024, at 14:00
Temporary Respiration Decision:
Plaintiffs:
07 Uğur Profil Turizm Otomotiv Nakliyat İnşaat Sanayi ve Ticaret A.Ş. (Manavgat Trade Registry No: 7008)
Uysallar Seracılık Tarım İnşaat Sanayi Ticaret Limited Şirketi (Manavgat Trade Registry No: 11597)
Hüseyin Uysal (Turkish ID No: 19441387984)
Mustafa Uysal (Turkish ID No: 19435388102)
Temporary Respiration Period: 3 months starting from July 16, 2024
Precautions to be Taken:
Protection of Assets: Actions such as creating a lien, acting as a guarantor, transferring immovable or businesses without the permission of the court will be prevented. Otherwise, these actions will be deemed invalid.
Precautionary Measures: All precautionary measures, precautionary attachment, and preservation procedures against the plaintiffs will be suspended. The ongoing proceedings will be halted in their current state. However, the attachments on machinery and vehicles necessary for business operations will remain in place, and these items will be delivered to the plaintiffs as a bailee.
Secured Claims: Enforcement proceedings may be initiated for privileged claims and claims secured by a lien, but measures regarding the sale and preservation of the pledged property will be temporarily prevented.
Protection of Real Estate and Vehicles: The transfer and assignment of the plaintiffs' real estate and vehicles to third parties will be prohibited. In addition, the conversion of guarantee letters into cash will be temporarily prevented (except for time-limited guarantee letters).
Concordat Commissioners:
Merve Çetin
CPA Sabiha Kılıçoğlu
Civil Engineer Orkun Şahin
This decision includes the provision that creditors can submit a petition within seven days to the court, presenting whether there is a situation that requires the granting of a concordat respiration period, and within this framework, they can request the rejection of the concordat application. The decision is announced in lieu of notification.