It was a textile giant, and it declared bankruptcy.

One of the giants of the textile industry, Granz Moda, declared concordat due to the impact of the global economic crisis. The concordat announced by Granz Moda in relation to its receivables was accepted within the scope of the application made to the Istanbul 1st Commercial Court of First Instance.

THE CASE HAS STARTED TO BE HEARD

In the decision taken by the court regarding the ongoing case for the approval of the concordat filed by the plaintiff Granz Tekstil Sanayi Ve Ticaret Anonim Şirketi's representative, the following statements were included:

The case is ACCEPTED,

1-The plaintiff debtor, GRANZ TEKSTİL SANAYİ VE TİCARET ANONİM ŞİRKETİ registered with the Istanbul Trade Registry Directorate under number 951631-0, is approved for the concordat project in accordance with the provisions of the Turkish Bankruptcy Law (TBL) Article 305,

In accordance with TBL Article 306, the plaintiff's debts subject to ordinary concordat shall be increased by 30% for a one-time payment, and shall be paid in 36 equal monthly installments starting from 01/01/2025, with the ordinary creditors waiving their interest claims,

Since no negotiations were held with secured creditors, there is no need to make a decision on this matter,

This decision shall take effect as of 03/10/2024 at 16:20 without waiting for its finalization,

2-All precautionary measures and all extension decisions given by our court shall be lifted as of 03/10/2024 at 16:20,

3-The duties of the concordat commissioners shall be terminated as of 03/10/2024 at 16:20,

4-In order to ensure the fulfillment of the approved concordat within the framework of TBL Article 306, a sworn financial advisor with commissioner experience, CENGİZ ÖZÜBEK, shall be appointed as the trustee to take the necessary supervision, management, and liquidation measures in light of the current amount of receivables, number of creditors, and project content,

During the trustee's term of office, a monthly fee of 20,000.00 TL shall be determined, and the trustee's fee shall be paid to our court's treasury at the end of each month, and the fees shall be deposited into our court's treasury by the company requesting the concordat,

5-The trustee's duties shall commence as of 03/10/2024 at 16:20,

6-The trustee shall submit a reasoned report to our court that issued the approval decision on a monthly basis regarding the status of the plaintiff debtor's business and whether the plaintiff is maintaining its ability to pay its debts according to the project, and if the payment plan is not adhered to, immediately,

7-It is understood that there is no situation that cannot be remedied, and it is decided that there is no need to deposit the shares corresponding to disputed receivables into a bank account in accordance with TBL Article 308/b, 8-Since no interim decision has been made to deposit the shares corresponding to disputed receivables into a bank account in accordance with TBL Article 308/b, no additional time shall be given to the disputed creditors to file a lawsuit, 9-In accordance with TBL Article 308/c, the binding concordat is mandatory for all receivables arising before the request for concordat and for all receivables arising during the extension period without the permission of the concordat commissioner,

In accordance with the first paragraph of Article 206 of the TBL, privileged receivables, the receivables of secured creditors that correspond to the value of the collateral, and the application of the provisions of TBL Article 308/c-f.2 regarding public receivables under Law No. 6183 shall not be applied, 10-The termination of the duties of the concordat commissioners shall be notified to the Istanbul Expert Witnessing Regional Board Presidency,

11-The judgment clause created by our court shall be announced in the trade registry gazette and the official portal of the Press Announcement Institution in accordance with TBL Article 288, and the decision shall be immediately notified to the Turkish Union of Notaries, the relevant Land Registry Offices, the Istanbul Trade Registry Directorate, the relevant Tax Office, the Turkish Banks Association, the Turkish Participation Banks Association, the Istanbul Chamber of Industry, the General Directorate of Customs and Trade, the General Directorate of PTT, and the SGK,

Regarding the decision made about the concordat, it is announced that the decision shall be served to the debtor requesting the concordat; for other creditors who object, it is announced that the decision of approval can be appealed to the Istanbul Regional Court of Appeals within 2 weeks from the announcement of the approval decision.