Historical 182-Year-Old Company Founded During Ottoman Era Faces Bankruptcy Risk
Established during the Ottoman era and currently running projects in 12 countries, the Bartin-based firms, Celikerler Steel and Celtaş Logistics, have declared concordat. The future of the company, which was founded in 1844, will be determined in July.
The company, established during the Ottoman era, has filed for bankruptcy protection.
Established in 1844 and becoming a global player through institutionalization in 2003, Çelikerler Steel was operating across a vast geography, stretching from Germany to Qatar, and from Iceland to South Africa. The company, which produced in massive facilities spanning 25,000 square meters in Bartın, was not only a key player in the local economy, but also a prominent representative of Turkey's iron and steel exports.
The company, founded during the Ottoman era, fell into financial crisis. A temporary respite of three months was granted for the company, which declared bankruptcy protection. During this period, the giant organization was legally protected against creditors, and a two-person expert bankruptcy committee was appointed by the court.
Whether the company will go bankrupt or not will be determined on July 9th.
The hearing, in which the financial structure of the company will be scrutinized and the ultimate roadmap for its future will be drawn, is set to take place on July 9th. Following this development, which sent shockwaves through the industry, there is considerable speculation about how this century-old giant will conduct its operations depending on the verdict from the July hearing.
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