One of Turkeys leading coach companies Ulusoy Ulam A. was ruled legally bankrupt Wednesday, independent news site Diken reported.
The ruling by a Turkish court arrives following a three-month bankruptcy protection period filed by the company in November of 2018.
A family dispute led to the breakup of Ulusoy group in 2008. Ulusoy Seyahat was declared bankrupt in 2017, however, Ulusoy Ulam A.., announced that it was not affiliated with the company and resumed its services under the same name.
Ulusoy joins over 3000 companies who applied for bankruptcy protection due to market volatility following Turkeys 2018 financial crisis.
The lira fell by 28 percent against the dollar last year, spurring inflation to more than 20 percent, the high…
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