Turkey’s Yolbulan Metal applied for bankruptcy protection on July 1 and the Commercial Court of First Instance assigned an administrator for the company on July 12, while placing the company under protection against sequestration, according to Turkish media reports.
The company said that the bankruptcy protection aims to protect the creditors as well. The company’s debts stand at TRY 200 million, while it announced a TRY 500 million turnover last year. The company’s financial difficulties are said to be caused by the strengthening of foreign currencies, volatility in prices, shrinking demand and global economic problems.
Yolbulan Metal, which ranked 273rd in the list of the top 500 Turkish enterprises released by Istanbul Chamber of Commerce (ISO) in June this year, recently sold its shares in YB Metalurji to its joint venture partner Baştuğ Metalurji, resulting in the dissolution of the joint venture.