Luxury Turkish bus operator Ulusoy goes bankrupt

Last updated: 20th February 2019 5:34 pm

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Ulusoy, a market leader in Turkey for luxury bus travel, has gone bankrupt, newspaper Sözcü reported.

A Turkish court ruled that the firm must be liquidated after a three-month stay of execution from creditors ended, Sözcü said . Energy firms Lukoil, Akpet and Enerjisa, as well as Coca Cola and Turkish bank Yapı Kredi were among the firms owed money by Ulusoy, it said.

Ulusoy follows scores of Turkish companies into bankruptcy, including competitor Pamukkale, after a currency crisis and an economic recession hit profit margins.

Sözcü didn’t say how much it owed its creditors.

Source: Ahval News

TAGGED:Economy

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