The 200-year-old paper factory, which was acquired by İş Holding, filed for bankruptcy.

KFC, along with many other brands, managed the Turkey operations of İş Holding, which acquired Glatfelder's paper plant Ober-Schmitten in Germany last year, which was among the oldest 50 companies in the US.

Fahnemann, the CEO and Chairman of the Board of Ober-Schmitten, which was revived by the sale made by İş Holding's boss İlkem Şahin, said, "We have abandoned our plan to close Ober-Schmitten, which was previously announced. This process was completed with a great deal for both our serving employees and our customers as well as our employees.

THINGS TURNED AROUND WITHIN A YEAR

It was stated that it would contribute positively to the over 200-year paper production tradition in Ober and further expand our activities." After a year, things turned around for the German giant, and Ober-Schmitten faced bankruptcy. According to the news of Wirtschafts Woche, a German media outlet, İlkem Şahin, the boss of İş Holding, was seen as the savior of the 200-year-old paper factory. The company has now filed for bankruptcy. The company had 190 employees.

COURT APPOINTS BANKRUPTCY ADMINISTRATOR

According to the information in the German media, İlkem Şahin had announced that he would invest in the two-century-old company during the sales process. According to the news of Patronlar Dünyası, the Friedberg District Court appointed Jan Markus Plathner from the law firm Brinkmann & Partner as the temporary bankruptcy administrator for the company, which has a total of approximately 190 employees.