Türk İlaç ve Serum Sanayi A. Ş., Chairman of the Board Mehmet Berat Battal and Battal Holding A. Ş., a shareholder in the company, jointly applied for concordat. The Ankara 3rd Commercial Court of First Instance decided on a three-month temporary stay effective from June 2, 2026.
Highlights
- The company, together with the chairman of the board and the shareholder holding, applied for concordat.
- The court granted a three-month temporary stay starting from June 2, 2026.
- Difficulty in accessing credit, high interest rate environment, and disrupted cash flow were cited among the reasons for the application.
- It was announced that credit repayment delays, which started on May 14, 2026, continue.
- It was stated that the bounced check records dated May 20, 2026, have not yet been cleared.
Financial pressure increased
In the company statement, it was expressed that the short-term debt burden and the predominantly short-term structure of bank loans increased financial pressure. It was emphasized that the high interest rate environment and rising financing costs also strained cash flow.
The statement conveyed that despite making a profit in the first quarter of 2026, the effects of the high loss incurred in 2025 continued. Therefore, it was reported that the concordat application was made to protect the company's assets and to prevent interruption of production activities.
Payment delays continue
According to the Public Disclosure Platform (KAP) statement, credit repayment delays that started on May 14, 2026, continue. It was also stated that the bounced check records dated May 20, 2026, have not yet been cleared.
The company announced that with the application, it aims to prevent foreclosure proceedings that creditors may initiate and to continue its public service nature activities.
Restructuring process will begin
It was stated that the company will continue its activities normally following the court decision. Negotiations will be conducted with all creditors, especially banks, for the restructuring of existing debts.
The company announced that necessary work will continue to reorganize cash flow, reduce financing expenses, and successfully complete the concordat process. It was also reported that actions will be taken in accordance with the guidance of the court and concordat commissioners.
Türk İlaç ve Serum Sanayi A. Ş. also announced that significant developments during the process will be shared with the public and investors within the scope of capital market legislation.
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