Construction Firm Atış Yapı Files for Concordat Amid Economic Challenges

A prominent construction firm, Atış Yapı, has declared concordat due to financial strain, signaling the impact of economic headwinds on the sector. This move allows the company to restructure its debts, aiming for a more stable financial future amid ongoing economic instability.

Company Seeks Financial Restructuring

Following an application to the Bursa 1st Commercial Court of First Instance, a three-month temporary discontinuation decision was granted. The company, a subsidiary of Atış Holding, confirmed the concordat in a written statement. The firm cited economic problems in both Turkey and worldwide as the main reason for this measure.

Atış Yapı stated it had, to date, met all banking obligations and fulfilled demands from suppliers, personnel, and customers, offering work to over 3,000 companies. Furthermore, the company has invested billions of pounds and brought in $75 million in foreign investment by attracting investors from over 30 countries.

“Our company aims to continue its activities on more solid foundations by successfully completing the concordat process within the temporary respite period with its extensive restructuring studies carried out financially and operationally.”

—Atış Yapı Statement

This process aims to maintain production, restructure commercial commitments, and establish a healthier financial structure. The construction industry is undergoing significant shifts; according to recent reports, construction output in Turkey decreased by 5.5% in the first quarter of 2024 (Statista 2024).

Future Outlook

Atış Yapı intends to complete the concordat successfully. The company emphasizes its commitment to transparency and honesty with all stakeholders. They also anticipate the support of their suppliers, customers, and investors during this process.