650 million pounds of 73 stores belonging to the Macro Market on the condition of the sale of money to Migros on the condition that the measure, the court approved the concordat offer.
If the court did not approve the offer, the bankruptcy of Makro Market would be decided. Makro Market, unable to overcome the financial bottleneck he had requested concordat. The Ankara Executive Law Court issued a concordat decision for the company on 20 November. This time the eyes were turned to the commercial court for the approval of the decision. Ankara 14th Commercial Court of First Instance gave a day to 20 April. According to Hurriyet.com.tr, the hearing started at 10:00 in the morning, the company’s partner Mehmet, Seref and Mustafa Songor brothers, as well as dozens of attorneys attended the lawyer. The President of the Court, Giray Algan, asked the creditor attorneys for their statements regarding their concordat proposals. Many bank lawyers, as well as a large number of attorneys, said they did not accept the offer. As a rationale, it was shown that there were no concordat conditions, insufficient collateral and the possibility of implementation of the project. Company lawyer Fidel Okan said that his clients are well-intentioned and want to pay all debts. The court interrupted the hearing at around 14.30 and decided the next session to be 15.20. In the meantime, some creditor lawyers agreed on a new formula. Lawyer Fazil Erat, on behalf of a part of the creditors’ attorney, spoke directly with the president of the court and shared the conditions for accepting the offer of concordat. Towards the end of the first session, the conciliation decision of the concordon, which was largely at risk, gained a new dimension with this meeting. Accordingly, it has been agreed that Makro Market will be granted a pledge to pay from Migros A.S. The court approved the concordat proposal with the consent of the majority of the creditor’s deputies. In this way, the company has gone through an important turning point. Otherwise, the bankruptcy of the company would be decided in case of a decision. According to the court’s decision, Makro Market will pay its debts within 60 months, starting on May 21, 2018. 40 percent discount was made to the amount of receivables. In other words, the company will receive 1 million pounds 600 thousand TL, 60 months to be paid.