02.08.2024 14:10
The global economic crisis also hit KEM-P Vibration Motors, Turkey's major engine manufacturer. The company, which has been operating for over 30 years, declared concordat and came to the brink of bankruptcy.
Turkey's leading vibration motor manufacturer KEM-P has applied for concordat due to the economic crisis. The company, which has been operating in the industry for over 30 years, joined the bankruptcy news coming from Izmir.
KEM-P Vibration Motors started with the production of industrial machines in 1990. In the 2000s, it switched to the production of electric and pneumatic vibration motors and reached a large customer base. However, the global economic crisis negatively affected the company's financial structure.
COURT DECISION ANNOUNCED
Karşıyaka Commercial Court of First Instance issued a temporary respite decision for KEM-P on July 30, 2024. The company will be in the concordat process for the next 3 months. A commission consisting of a financial advisor, a mechanical engineer, and a lawyer was appointed during this process.
CREDITORS HAVE THE RIGHT TO OBJECT
The concordat decision was announced to the creditors. Creditors can claim that there is no reason to grant a concordat respite within 7 days from the date of this announcement and request the rejection of the request from the court.