Turkey's famous music company, Decoz Skies Music, has filed a lawsuit seeking bankruptcy settlement with its debt rescheduling after failing to pay its debts.
According to the newspaper "Zaman" Turkish, the request of the owner of the company Dakoz Skiz Ahmed Chalanak Court of Commerce primary in its second district in Istanbul, in order to reschedule its debts.
The court declared that creditors could file an appeal against the application filed by the owner of the company within seven days.
The company's lawyer, Ahmed Joral, explained that they did not ask for a reduction in debts owed, but rather rescheduled them and set another payment date.
Companies in Turkey can request bankruptcy settlement from bankruptcy and seizure of their property. The move means temporarily deferring bankruptcy until the debt is repaid within 3 months. As a result of this procedure, the company's property becomes protected by a court order and no seizure is taken, but the companies must pay half of their debt to accept this request.
Turkey is in dire economic straits, with the Lire losing about 40 per cent of its value this year against the dollar and inflation reaching unprecedented proportions.
