Türkiye-based agribusiness company Taban Gıda seeks concordat protection
13 oC
13 oC
Güneşli
13 oC
Güneşli
Türkiye-based agribusiness company (Taban Gıda) , which previously came under public scrutiny over allegations related to genetically modified organism (GMO) imports, has applied for concordat protection as it seeks to restructure its financial obligations.
The Istanbul 1st Commercial Court of First Instance granted the company a three-month temporary concordat period, allowing it to continue operating while the court reviews its restructuring plan.
A hearing has been scheduled for Oct. 1, while creditors have been given the opportunity to file objections within the legal timeframe.
Founded in 2016, Taban Gıda has grown into one of Türkiye's leading traders of grain, oilseeds and animal feed products. The company also expanded its operations through investments in logistics and bulk cargo transportation.
The company previously drew attention after its name appeared in court proceedings involving allegations that GMO-related products had been imported using falsified documentation.
Taban Gıda has denied the claims, maintaining that its operations complied with Turkish regulations.
Under Turkish law, concordat protection is a court-supervised debt restructuring process that enables financially distressed companies to continue operating while negotiating repayment terms with creditors under judicial oversight. (ILKHA)
LEGAL WARNING: All rights of the published news, photos and videos are reserved by İlke Haber Ajansı Basın Yayın San. Trade A.Ş. Under no circumstances can all or part of the news, photos and videos be used without a written contract or subscription.
President Recep Tayyip Erdoğan on Wednesday said Türkiye will remain resilient against all internal and external threats as long as the spirit of national unity demonstrated during the failed July 15, 2016, coup attempt endures, pledging that the country's fight against the FETÖ network will continue until the organization no longer poses a threat.
HÜDA PAR Chairman Zekeriya Yapıcıoğlu delivered a message on social media on the 10th anniversary of the July 15, 2016 coup attempt, describing the events as an “imperialist occupation plan” orchestrated by the United States.
Türkiye's Ministry of Foreign Affairs has welcomed the Ukrainian Parliament's approval of the Free Trade Agreement (FTA) between the two countries, describing the move as a major step toward deepening bilateral economic cooperation despite the ongoing war in Ukraine.
