Construction Giant Declares Bankruptcy in February; Extended Deadline Granted for Publicly Traded Company

0

BEĞENDİM

ABONE OL

News

Overview of the Innovio 4 Project’s Challenges

The Innovio 4 residential development faced significant legal and financial hurdles, primarily due to ongoing zoning complications that hindered its progress. These issues ultimately led the project into an economic deadlock, severely impacting all stakeholders involved.

Bankruptcy Declaration and Market Listing

In a decisive move to address its financial crisis, the company officially declared bankruptcy in February. Subsequently, the firm was listed on Borsa Istanbul, signaling a major turning point in its corporate trajectory and signaling to investors and the public that the project was in a critical state.

Temporary Court Intervention and Court Proceedings

On the legal front, Green Real Estate was granted a three-month temporary period for bankruptcy by the Istanbul Anatolian 3rd Commercial Court, providing a crucial window to reorganize and address its financial obligations. This period was officially authorized starting from June 10, 2025, under case number 2025/499. During this time, trustees for bankruptcy have been appointed to oversee the company’s affairs and facilitate restructuring efforts.

Company’s Public Disclosures and Strategic Intent

In its official communication to the Public Disclosure Platform (KAP), Green Real Estate openly discussed the situation, emphasizing its intent to protect shareholder interests and ensure continuity. The company explained that, as of February 5, 2025, multiple customers had filed bankruptcy claims against it, posing a substantial threat to its financial stability. To mitigate this, Green Real Estate applied for bankruptcy protection, aiming to safeguard its 16 billion Turkish Lira in equity, spread receivables over manageable periods, and complete ongoing projects efficiently.

Recent Court Decisions and Future Outlook

Following these developments, on May 31, the court decided to lift the temporary bankruptcy stay, terminate the duties of the appointed trustees, and remove all bankruptcy measures, signaling a potential shift in the project’s future trajectory. These legal actions mark a pivotal moment as the company navigates through its restructuring process, aiming to restore stability and progress.

This article has been crafted, translated, and reviewed with the assistance of artificial intelligence by Vezir Agency. For more details, please consult our Terms and Conditions.