Indebted poultry firm’s bankruptcy suspended

ISTANBUL - Hürriyet Daily News

Turkish poultry firm, Şeker Piliç has been struggling with debt. AA photo

A Turkish court has acceded to leading poultry firm Şeker Piliç’s request to suspend its bankruptcy process, executives announced Feb. 4.

The indebted company said they paid 3 million Turkish Liras of the total debt worth 19.6 million last week. But Banvit, a poultry and meat company, declared earlier today that it had not reached an agreement for a share sale with Şeker Piliç. “We will reconsider it if the conditions reappear in the future,” Banvit said in a statement.

Şeker Piliç also conducted share sale talks with Torunlar Gıda in January, but the discussions were ended due to levies.

Şeker Piliç, based in the northwestern province of Balıkesir’s Bandırma district, where many poultry firms are located, has seen many of its activities terminated because of its debts to banks and suppliers.