Akın Tekstil, one of Türkiye’s top fabric producers, refuted media reports alleging the firm had declared bankruptcy after its concordat statement to the Public Disclosure Platform (KAP) on March 18, 2025. The corporation said in a March 25 KAP statement that its activities were still running:
Some press and media reports on the collapse and insolvency of our company following our Public Disclosure Platform announcement on 18.03.2025 do not reflect reality. From 18.03.2025, the Bakırkköy 1st Commercial Court of First Instance with file number 2025/255 has granted a temporary respite of three months to stop foreclosure actions started by creditors, guarantee the continuation of our production activities, safeguard the company’s assets, and prevent any loss of rights for our investors trading on the stock exchange. Precautionary steps have been ordered and temporary concordat commissioners have been named.
Our business carries on as usual; talks will be made with all creditors—mostly banks—to reorganise the current obligations of the company.
This declaration falls under Article 9 of the Special Circumstances Communiqué headed “Confirmation of News and Rumours.”
Akın Tekstil had declared concordat
Due to economic difficulties, Akın Tekstil applied for a concordat to prevent foreclosure proceedings initiated by creditors, ensure the continuation of production activities, protect the company’s assets, and prevent any loss of rights for small investors trading on the stock exchange. A temporary respite of three months was granted from 18.03.2025, and temporary concordat commissioners were appointed.
In the company’s statement to KAP on March 18, the following expressions were included:
“As a result of the lawsuits filed by minority shareholders against our company, access to our company’s financing sources has become difficult, and due to the aforementioned reason, our image with banks has been damaged, making access to working capital impossible. In our sector, approximately 4-5 months pass from customer order to collection stage. During this period, if working capital is insufficient, the need for external financing becomes inevitable due to the time cost of money. The difficulties in obtaining external financing have led to the disruption of the necessary supply chain for production activities and a decrease in the ability to pay existing debts.
Given this situation, a temporary respite of three months has been granted from 18.03.2025 by the Bakırköy 1st Commercial Court of First Instance with file number 2025/255 to prevent foreclosure proceedings initiated by creditors, ensure the continuation of our production activities, protect the company’s assets, and prevent any loss of rights for small investors trading on the stock exchange. Temporary concordat commissioners have been appointed, and precautionary measures have been ruled. Our company will continue its regular activities, and negotiations will be held with all creditors, primarily banks, to restructure the company’s existing debts.
Within the scope of the report submitted to the court, we aim to overcome this difficult situation smoothly by spreading our debts over reasonable terms. In the ongoing process, all efforts will be made to ensure that company activities are not disrupted and cash flow is regulated, and developments during this process will be disclosed to the public within the scope of the legislation.
Our Board of Directors’ decision dated 07.03.2025 has been made to postpone the public disclosure of this information within the scope of Article 6 of the Capital Markets Board’s (II-15.1) Special Circumstances Communiqué titled ‘Postponement of Public Disclosure of Inside Information,’ considering that it is possible to keep this information confidential to prevent damage to our company’s legitimate interests and to avoid misleading our investors, and by taking the necessary measures regarding the confidentiality of the information.
At this point, since the reasons for postponing the public disclosure of inside information have been eliminated, this statement has been made.”
