Nalbantoğlu Demir Saç ve İnşaat AŞ, one of the giants of the iron and steel industry, could not get out of the economic bottleneck it fell into. The court lifted the injunctions against the company, which has been operating in Antalya for 90 years, and the bankruptcy process accelerated.
One of the long-established companies in the iron and steel industry, which Turkey exports the most to the world, could not withstand the financial bottleneck any longer.
According to the news on Halk TV, Nalbantoğlu Demir Saç A.Ş. applied to the court when it could not overcome the financial bottleneck it had been experiencing for a while. In the application made on behalf of the company to Antalya 2nd Commercial Court of First Instance, protection against seizures was requested.
Upon the application, the court granted a 3-month temporary respite for the company. With the injunction, the company was protected against possible seizures. However, the court made a new decision on June 14. While the company’s concordat request was rejected, all injunctions were lifted. With this decision, the bankruptcy process for the company accelerated.
Nalbantoğlu exports to many countries
The company, owned by Nalbantoğlu from Antalya, has an annual production capacity of 900 thousand tons of flat steel. In its long history, the company has exported to many countries around the world and realized millions of dollars of trade with the USA and European countries.
