Turkey is facing a mounting number of applications for bankruptcy protection as a slump in economic growth takes its toll on business.
Requests forkonkordato, a court-sanctioned agreement that allows struggling companies to try and avoid full bankruptcy by restructuring their debt payments in a bid to avoid full bankruptcy, have soared in recent months.
The surge follows a currency crisis over the summer that has triggered a sharp slowdown in the economy and piled pressure on Turkeys indebted corporate sector.
Turkeys trade minster, Ruhsar Pekcan, said this month that the number of companies that had sought bankruptcy protection had reached 846, although many analysts believe that the true figure may be several times higher.
Companies…
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