05.12.2025 13:30
The global economic crisis has led to the bankruptcy of numerous companies, with the latest addition to the list being the 89-year-old olive oil giant Marbil Yağ and its family-owned brand Sellesta Kozmetik. The court granted a 3-month temporary stay, and the commissioner board has begun its duties. The objection period for creditors has been announced as 7 days.
Established producer companies Marbil Oil Industry and Trade Inc. and Selesta Cosmetics Food Industry and Trade Inc., operating in the Torbalı district of İzmir, applied to the court for a concordat request due to the economic problems they are experiencing. The court granted a 3-month temporary injunction for both companies and appointed a temporary commissioner board to manage the process. The first hearing is scheduled to take place on February 26, 2026.
3-MONTH TEMPORARY INJUNCTION DECISION
The İzmir 1st Commercial Court accepted the temporary injunction request by evaluating the companies' concordat application. In the same context, a temporary injunction decision was also issued for Levent Bilginoğulları, one of the 3rd and 4th generation representatives of the Bilginoğulları family. During this period, a commissioner board was appointed to ensure the protection of the companies' financial structures, the orderly conduct of creditor relations, and the supervised continuation of the process.
CREDITORS HAVE 7 DAYS TO OBJECT
According to a report by İz Gazetesi, the announcement published with the declaration of concordat stated that creditors were granted the right to object within 7 days. These objections will be decisive in the progress of the process.
89-YEAR-OLD MARBIL OIL IN A CHALLENGING PROCESS
Founded by İsmail Bilginoğulları, who returned from Crete to Turkey in 1936, Marbil Oil has grown over the years in the refining and packaging sectors, becoming one of Turkey's well-known oil producers. Despite the quality understanding maintained by the family over generations, the company is currently going through a difficult period due to the existing economic conditions.
SELLESTA COSMETICS ALSO INCLUDED IN THE PROCESS
Selesta Cosmetics, another brand of the Bilginoğulları family in the cosmetics and food sector, has also been included in the concordat process under the same file. The company, which has been producing and exporting at its facilities in Torbalı for many years, is currently facing a bottleneck due to economic fluctuations and financial difficulties.
THE PROCESS WILL PROCEED UNDER COURT SUPERVISION
The commissioner board appointed for both companies will closely examine the financial situation in the upcoming 3-month period, manage negotiations with creditors, and submit the reports it prepares to the court. The hearing scheduled for February 26, 2026, will determine the future of the concordat process.