29.08.2025 16:15
The global economic crisis has led to the bankruptcy of many companies in Turkey, with the latest addition to the list being Pan Ayakkabı, a well-established shoe company based in Istanbul. The company declared concordat due to the financial burden and debt spiral caused by a fire that broke out in the factory in April, and it received a 3-month extension from the court to avoid bankruptcy.
The Pan Shoe Sole Industry and Trade Limited Company, operating in the Sultangazi district of Istanbul, has been plunged into a serious financial crisis following a fire that broke out in its factory in April. The fire caused severe damage to the production facilities, disrupting the company's economic balance.
FILED FOR CONCORDAT
Due to increasing debts and cash flow issues, the company filed for concordat at the Istanbul 2nd Commercial Court. The court accepted the request, granting the company a 3-month temporary stay and appointed 3 concordat commissioners to oversee the process. The commissioners will examine the company's financial structure, conduct negotiations with creditors, and submit their reports to the court.
FINAL DECISION OF THE COURT IS AWAITED
According to Article 288 of the Enforcement and Bankruptcy Law, creditors have been granted the right to object within seven days from the announcement. Creditors may oppose the concordat stay, and the court will evaluate these objections to make a decision regarding the company's future.
Pan Shoe has been known as a significant brand in shoe sole production for over 30 years. However, it is going through tough times due to the pandemic, rising costs, and the recent fire. Industry representatives state that the company's chances of recovery depend on the concordat process, while employees and suppliers are anxiously following the developments. The final decision of the court will determine whether Pan Shoe can avoid bankruptcy.