BusinessTurkiye

Is Gıda’s Concordat Request Accepted: Court Grants 3-Month Temporary Respite

Is Gida AS, the Turkiye representative of U.S.-based KFC and Pizza Hut, had filed for concordat after failing to overcome financial difficulties. Evaluating the request, the Istanbul Anadolu 1st Commercial Court of First Instance granted the company a 3-month temporary respite.

Previously, Yum! Brands had terminated Is Gida’s franchise agreement for KFC and Pizza Hut in Turkiye, and shortly after, the company applied for concordat.

The Istanbul Anadolu 1st Commercial Court of First Instance, which reviewed Is Gida’s concordat request, ruled for a 3-month temporary respite.

During this period, the court appointed Prof. Dr. Serdar Kale, an Execution and Bankruptcy Law expert, as the concordat commissioner, along with Certified Public Accountants and Independent Auditors Sabit Selman Tunal and Ferhat Kurc.

In the official announcement, the court stated:
“The hearing will take place on 30/04/2025 at 15:40. Creditors have a strict period of seven (7) days from the date of this announcement to object by submitting a petition, providing evidence that there is no justification for granting a concordat period, and requesting the court to reject the concordat request, as per Article 288 of the Enforcement and Bankruptcy Law.”

Source: Patronlar Dünyası/ Prepared by: İlayda Gök

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