Turk Ilac says it granted 3-month interim protection for restructuring process

About this update from Turk Ilac Ve Serum Sanayi As

Turk Ilac ve Serum Sanayi BIST:TRILC, a Turkey-based pharmaceutical and serum manufacturer, said it has entered a court-supervised debt-restructuring process after Ankara's 3rd Commercial Court granted the company a three-month temporary protection period.In a statement published on the Public Disclosure Platform, the company said the decision follows financial stress driven by difficult market conditions, limited access to credit, high interest rates, deteriorating cash flow, and elevated financing costs.The company reported ongoing credit repayment delays starting May 14, 2026, and unresolved bounced-cheque records beginning May 20, 2026. It also cited high short-term payment obligations and a heavily short-term debt structure as key pressure factors.Despite posting a profit in first quarter of 2026, the firm said it had recorded a significant loss in 2025, contributing to its current liquidity strain.The company said the restructuring process aims to protect its assets and production integrity, prevent potential enforcement actions, and maintain continuity of operations. It added that negotiations with banks and creditors will continue under court supervision to restructure outstanding debt, with further disclosures to follow as required by regulation.Following the announcement, Borsa Istanbul said that the company's shares will be transferred to the Watchlist Market and trading will be suspended on Wednesday.The company's shares fell almost 40% in the last 14 trading sessions.

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