Turkish intercity bus company Pamukkale, which employees 3,500 people, was declared bankrupt after the ruling of a court, BBC reported.
A court in the Aegean province of Izmir rejected the companys request for bankruptcy protection on Thursday. In weighing Pamukkales request, the court examined the companys finances, determining that there was no potential for the company to continue operating, BBC said.
The 56-year-old company filed for bankruptcy protection on Nov. 27 and the courts had given three months for deliberations, Turkish news site Diken reported.
Turkish firms have been facing cash shortage problems for the past five months due to the slide in Turkish lira and Turkish central banks decision to hike interest rates to curb …
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