Pamukkale Turizm A.Ş, one of the biggest and well-established inter-city coach company in Turkey, announced bankruptcy, which is part of a series of similar examples.
Reportedly Pamukkale A.Ş (Incorporated Company), which has 600 buses, had applied for a concordat to İzmir’s (a western city in Turkey) 1st Commercial Court of First Instance last year. Following Pamukkale’s application, the court ruled of the company’s bankruptcy.
Court Rejects Concordat, Rules Bankruptcy
On January 24, the İzmir court argued that it is impossible for Pamukkale Turizm A.Ş to carry out its commercial operations. It rejected the company’s request for concordat and ruled for the bankruptcy of the coach services company.
The court had given related parties three months to apply against the company’s concordat request.
Meanwhile, a statement was issued in October last year, where Pamukkale said that it was forced to seek a debt of restructuring, due to the hardship caused by the economic situation.
Thousands of Turkish Reputable Companies Declared Concordat
On the other hand, many Turkish companies in Turkey have been seeking legal protection from creditors. The official number of companies which declared bankruptcy hit 846, but in fact, the real number is allegedly more than 3,000.
Accident Record its Bleak
The company has been one of the controversial companies for road accidents it was involved in. Many people lost their lives as a result of those accidents during travelling with the company’s buses. Many lawsuits were also filed due to accidents involving the company. Drivers of the company have also been complaining from the long working hours and bad working conditions of the Pamukkale Turizm A.Ş.
The post Long established Inter-city passenger transport coach company declares bankruptcy appeared first on IPA NEWS.
from IPA NEWS https://ipa.news/2019/01/25/long-established-inter-city-passenger-transport-coach-company-declares-bankruptcy/
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