August 18, 2026

The concordat protection period for Zülfikarlar Holding, an 84-year-old Turkish business group active in the chemicals, energy and petroleum sectors, has been extended until April 13, 2027 by the Istanbul 19th Commercial Court of First Instance.

The court’s decision covers Zülfikarlar Holding and several of its subsidiaries, including TP Petrol Dağıtım A.Ş., Tesla Enerji Elektrik Üretim Ticaret ve Sanayi A.Ş., Akça Kimyevi Maddeler, Berke Elektrik Üretim A.Ş., and Zülfikarlar Kimyevi Maddeler İthalat İhracat ve Depoculuk A.Ş. The decision also includes holding executive İsfendiyar Zülfikari.

Concordat Protection Extended

With the court’s decision, the protective measures previously granted to the companies will remain in effect until April 13, 2027. During the concordat process, debt collection procedures will continue under the framework established by the court, while certain restrictions on the companies’ financial obligations will remain in place.

The companies will also remain subject to restrictions concerning the issuance and processing of checks during the concordat period.

Group’s History Dates Back to 1942

Zülfikarlar Holding’s business history dates back to 1942, when the group began operating in the chemicals industry. Over the decades, it expanded into energy, electricity generation and petroleum distribution.

The group’s portfolio includes TP Petrol Dağıtım and Tesla Enerji, among other companies. The latest court ruling means that the group and the companies covered by the case will remain under concordat protection for several more months as they work through their financial restructuring process.

The extension does not mean that the companies have been declared bankrupt; rather, the concordat process provides court-supervised protection while the companies’ financial obligations and restructuring are addressed.

Source: Patronlar Dünyası/ Prepared by: İlayda Gök