07.04.2026 17:02
The court issued a 3-month temporary concordat decision regarding Baktat, one of Turkey's long-established olive brands with a history of 40 years; enforcement and seizure processes have been halted, and the company's operations have been placed under commissioner supervision.
The concordat process officially began for Baktat Olive Industry Trade Inc., one of the important exporters in the food sector based in Bursa. The Bursa 3rd Commercial Court granted the company a 3-month temporary stay, effective from April 2, 2026, at 11:30 AM, under file number 2026/59. With this decision, creditors will be able to apply to the court within 7 days from the announcement date to file an objection.
ENFORCEMENT PROCEEDINGS AND ATTACHMENTS SUSPENDED
With the temporary stay decision, new enforcement proceedings against the company cannot be initiated, and ongoing processes have been suspended. All enforcement processes, including public receivables, have been put on hold, and the implementation of precautionary attachments and injunctions has also been halted. The path for enforcement of secured receivables has been kept open, but the sale of goods within this scope has been prohibited.
To enable the company to continue its operations, it has been allowed to keep machinery, equipment, and vehicles in the business along with the existing attachments. Additionally, the blocking of the company's accounts by banks due to the concordat has also been prevented.
COMPANY MANAGEMENT UNDER COMMISSIONER SUPERVISION
The court appointed a three-person concordat commissioner board to ensure the healthy progress of the process. The board, consisting of legal and financial advisors, will examine the company's financial situation and assess the likelihood of the success of the concordat. During this process, all decisions made by the company management will be subject to the approval of the commissioner board.
CRITICAL HEARING IN JULY
The next hearing of the case will be held on July 1, 2026. The court will decide whether to grant a definitive stay to the company in this hearing. Creditors will have the right to file an objection against the concordat decision within the legal timeframe.