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Fleetcorp Inc., one of the largest fleet leasing sectors, asked for a commercial court in Istanbul in September for a demanding concordat.
The Court accepted Fleetcorp, the court appointed a commission of 3 persons and temporarily tightened it. The company's management, which claimed to have more than $ 2 billion in debt, left its jobs.
The court also decided not to sell the company's assets during the concordat procedure. Before the company wanted to harmonize, about 500 thousand vehicles in the hands, sold to traders, but without transfer. For this reason, the company suffered great losses from car dealers.
CONCORDATON IS NOT THE FUTURE OF FUTURE
In a recent report addressed to the court, the Commissioner stated that the decision to agree was adopted too late and that the company is unlikely to achieve the success and consistency of the Black Cross. The Commissioner's delegation sent an extra report to the court and expressed a negative opinion in this report.
REGISTERED 12 thousand 455 cars
Fleetcorp's experts, appointed by the Commissioner following records of various brands, models and kilometers of 12 thousand 455 cars, a thousand 836 vehicles, the company said it was using. 10 thousand 619 cars that are not in use, the expert is not known where the situation is recorded, the company registered on the market 12 thousand 455 automotive market value in the billion 361 million TL reported.
OFFERS have been sold
The third hearing of the Concordato case was held at the First Commercial Court in Istanbul. At the hearing, 15 people participated, representing 170 bankers of banks who participated in the proceedings by creditors, finance, automobile insurance, insurance companies, lawyers for car companies.
PARTICIPATE THE DECISION OF İFLAS
At the hearing of a lawyer prepared by the commission commissioner to prepare an additional report, it is completely false, stating: "At present, the number of vehicles has not been learned.
According to the company on the market since 2001, the lawyer said: "A company with a monthly income of 10 million TL has shown that the company has 2 million revenue. The value of the company's brand is above its debt.
NO SUBMISSION
The Court is a temporary notice from Fleetcorp Inc. rejected the commission committee and abolished all decisions on judicial orders. The Court stated that Fleetcorp Inc. went bankrupt as the decision-making time at 16,14, and that the decision should be declared bankrupt. The Court held that Fleetcorp Inc. a low charge and that the coordinator could not succeed.
WHAT IS WRONG?
First, a bankruptcy file will be opened. Creditors will begin to sell mortgages. Creditors of mortgage 12 thousand vehicles will sell creditors. The company's tools will begin to pay to creditors through the sale of a bankruptcy desk. Creditors at the beginning of a company employee. Then the money for the creditors will be divided. Creditors, ie banks, leasing companies and car companies. The biggest creditor is Mercedes.
SOURCE: IHA
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