Turkish steelmaker Sıddık Kardeşler Haddecilik, has been unable to overcome its ongoing financial difficulties and has filed for bankruptcy proceedings, according to local media reports.
Accordingly, the company and its partners have filed for bankruptcy with the Istanbul Anatolia Second Commercial Court of First Instance, with its debt reportedly amounting to TRY 3.6 billion ($90.32 million). The court granted the company a three-month temporary notice and appointed a temporary bankruptcy commissioner.
With a turnover of TRY 7.2 billion ($180.65 million), Sıddık Kardeşler ranks 304th on the list of Turkey’s top 500 industrial enterprises, operating two plants in Gebze and Dilovası.