Shock in the oil and shipping sector! CYE Petrol and Alasonya went bankrupt

CYE Petrol Tic. AŞ with a capital of 100 million and Alasonya Denizcilik with a capital of 26 million liras requested a composition in 2023. After the application to the Istanbul Anatolian 1st Commercial Court of First Instance, composition commissioners were appointed to both companies.

The last hearing of the case was held today. The Istanbul Anatolian 1st Commercial Court of First Instance decided to lift the final deadline decision given to the plaintiffs in the file numbered 2023/295 and to reject their requests for confirmation of the composition.

What happened at the hearing?

The plaintiff attorneys stated at the hearing that the company official Cahit Yalçın Eraydın had been ill for approximately 6 months, but his illness had worsened in the last two weeks and he was hospitalized, and said, “He owns 100% of the company’s shares, the share transfer procedures have been left unfinished, due to the share transfer procedures being left unfinished, we request that the foreign partner company wait for the appointment of a legal representative to complete the process and that an additional period of 1 month be granted, considering the recommendation letter sent by the foreign partner, and we also request that an additional report be obtained and a recalculation be made, since the quorums were not calculated correctly, we reiterate our statements regarding the invalidity of the powers of attorney of the Coral companies, and they do not have the authority to follow up on the case.”

While the attorney for Turkon, one of the creditors who attended the hearing, said, “We leave the discretion regarding the plaintiff’s requests for additional time to the court, we also request the approval of the composition in order to prevent the receivables from being lost and to ensure commercial continuity,” the attorney for the creditor Coral company said, “We do not accept the statements of the plaintiff regarding my client company, we will make a statement during the hearing.”

While the plaintiffs and the creditor Turkon's attorney requested the approval of the composition, the other creditor attorneys requested the rejection of the composition request.

Bankruptcy decision

After the last words were asked, the court announced its decision. It was decided to lift the final deadline given to the plaintiffs and to reject their requests for confirmation of the composition.

The court ruled that the plaintiffs Alasonya Denizcilik Ticaret Limited Şirketi and CYE Petrol Ticaret A.Ş. be declared bankrupt, that they be carried out according to the ordinary liquidation procedure, that all composition measures be lifted, and that the composition commissioners be dismissed from their duties.

The decision was taken unanimously, with the appeal open within 2 weeks, and it was requested that notifications be made to the relevant institutions and the bankruptcy advance be transferred to the Bankruptcy Directorate.