Turkey's fuel giant Yeniyurt Petrol Terminal A.Ş. has filed for bankruptcy due to financial problems.

One of the leading companies in the fuel sector in Turkey, Yeniyurt Petrol Terminal A.Ş., declared bankruptcy after experiencing an economic bottleneck. Following the concordat process that began in 2021, the company, which was in litigation with banks and factoring companies, was officially declared bankrupt by the decision of the Anadolu 2nd Commercial Court of First Instance as of October 11, 2024.

COURT SAID "BANKRUPTCY"

According to the news in Sözcü, the concordat process that started with a debt of 600 million lira in 2021 led to the company's inability to improve its financial statements and the debts increasing exponentially over time. Following the debt exceeding 1 billion TL along with legal interest rates, the Istanbul Anadolu 2nd Commercial Court of First Instance decided on the company's bankruptcy.

ALLEGATIONS OF 'ASSET DRAINING'

The company in question had reached an agreement with the Bayegan Group, one of the significant players in the international oil market, to overcome the economic crisis it faced in 2021, and the parties had shaken hands for the sale of the facility located in Hatay for 47.5 million dollars. However, the banks and factoring companies that were creditors of the company stated that they could not receive their money in return for the loans they provided to Yeniyurt Petrol Terminal A.Ş., and they became plaintiffs, raising allegations of 'asset draining' regarding the sale.

EXPERT REPORT

Following the parties' claims, a three-person expert committee assigned to the case reported that the value of the facility was 15 million 249 thousand 414 dollars, and the decision regarding the 'disposal transaction' was canceled, removing the obstacles to the sale.