Debt crisis in the construction sector

It has been learnt that infrastructure companies Sedyol İnşaat and Payas İnşaat have applied for composition with creditors.

09 Ağustos 2018 Perşembe, 12:02
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Debt restructuring applications are coming in droves from companies that have succumbed to the debt crisis as the construction and building sector stagnates.

According to a report by Business HT, Sedyol İnşaat, which operates principally as a road construction contractor, has applied to Bursa Commercial Court of First Instance No 1 for composition with creditors.

Prominent among the works completed by the company are the construction, repair and refurbishment of asphalt roads works in central neighbourhoods within Süleymanpaşa Sub- Province, the bituminous hot mix overlay and emulsified asphalt tack coat works on roads in Ayvalık Sub-Province and the ground work, artistic structures, bituminous hot mix overlay and various works construction works on the Malkara – Tekirdağ turn-off - harbour connecting road.

Turning to the claim for approval of composition with creditors that is requested by Payas İnşaat Turizm İthalat İhracat Sanayi ve Ticaret Limited Company, with Istanbul Anatolian Commercial Court of First Instance having granted three months’ temporary grace, Enforcement and Bankruptcy Jurist Mehmet Kamil Yıldırım, Sworn-In Certified Public Accountant Emine Leyla Kıyat and Civil Engineer Mehmet Ali Güldal have been appointed trustees in composition.

Payas İnşaat was the contractor for two shafts at Sarıgazi Station and the excavation of a 1700-metre tunnel on the Sancaktepe Sultanbeyli Metro Project.

http://www.cumhuriyet.com.tr/haber/ekonomi/1049569/insaat_sektorunde_borc_krizi__iki_si rket_konkordato_istedi.html