Top Turkish construction firm granted bankruptcy protection
Emay Inşaat, a leading Turkish construction firm, secured bankruptcy protection after falling into financial difficulties, Dünya newspaper reported.
The Ankara-based company, which has completed infrastructure projects for the Istanbul municipality and builds large apartment blocks, was granted protection from creditors by an Istanbul court for a period of three months, Dünya said on Monday. The court appointed three industry experts to a committee that will implement the decision.
Turkish construction firms are finding it more difficult to repay their debts after inflation surged to more than 25 percent, pushing up interest rates on commercial loans and mortgages, and the lira fell by about a third against the dollar this year. Companies in the country are saddled with about $220 billion of long-term, unhedged foreign currency loans, according to central bank data.
Emay Inşaat’s projects include the Hilton İstanbul Kozyatağı Conference Centre and Spa and the Kentplus brand of residential housing developments. The company is chaired by Yusuf Gören, according to information published on its website.