Turkey’s Largest Waste Paper Exporter Declares Bankruptcy After 65 Years of Operation

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Yürekli Paper’s Journey and Recent Bankruptcy Proceedings

Since its establishment in 1960, İstanbul has played a pivotal role in Turkey’s recycling industry, particularly in the export of waste paper. Over the decades, the company has grown to become one of the nation’s leading waste paper exporters, contributing significantly to sustainable waste management initiatives.

However, recent economic difficulties have severely impacted Yürekli Paper. The company, which operates in scrap paper collection, sorting, and distribution, with an impressive daily capacity of around one thousand tons, found itself unable to sustain its operations. As a result, Yürekli Paper filed for bankruptcy at the Bakırköy 1st Commercial Court.

Following comprehensive investigations into the company’s financial standing and operations, the court approved a provisional stay of proceedings for three months. This legal measure aims to assess whether the company can recover from its current financial crisis and continue its business activities. The court’s decision also involves suspending all existing liens, conservatory, and precautionary measures against the company during this period.

Additionally, the court ordered that the notation indicating the company’s bankruptcy proceedings be temporarily removed from official banknotes and documents, providing Yürekli Paper with a brief respite to reorganize. The scheduled date for the next hearing is set for September 4, 2025.

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