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Modern Chocolate Files for Concordat in Tรผrkiye Amidst Economic Strain
Karaman, Tรผrkiye – A important player in the Turkish confectionery industry, Modern Chocolate, has applied for a concordat, a legal process akin to bankruptcy protection, citing economic headwinds and financing challenges. The submission was submitted to the Karaman 1st Civil Court of First Instance, signaling a critical juncture for the company and its workforce.
Financial Difficulties and Concordat Application
The court has granted Modern Chocolate a three-month temporary respite while a supervisory board is appointed to oversee the restructuring process. A crucial hearing to determine the company’s fate is scheduled for September 26, 2025. The move follows a public proclamation in March 2025, where the company acknowledged the adverse impact of recent economic developments and difficulties in securing financing