ISTANBUL (A.A) - 01.04.2002 - Mudurnu Tavukculuk (poultry dealer) Inc. which had financial difficulties went bankrupt, it was reported on Monday.
Mudurnu Tavukculuk Inc. submitted on Monday a statement to stock exchange which says the company went bankrupt on March 26, 2002 according to the result of the case which was filed against the company in Istanbul no:2 court of first instance.
The initiatives had been launched to rescue the company which produced most of white meat in Turkey from its financial problems.
Bolu Mayor, non-governmental organizations' administrators, 3,000 producers engaged in poultry, 2,080 workers, and the other workers sent a letter to Prime Minister Bulent Ecevit in February 2001 for a solution to be found for Mudurnu Tavukculuk which could not pay money to its workers for three months.
Mudurnu Tavukculuk Inc. Executive Board Deputy Chairman Oktay Turesin said in the statement on October 19, 2001 that they expected 10 million U.S. dollars of source to restart the production.
The statement said that the company attempted to make new investments and opened new integrated facilities with the most advanced technology of the world by depending on the fixed rate implementation which was announced by the state earlier.
Turesin said that however, the company incured 35 million U.S. dollars of debt and the company stopped production as the result of passing to the floating exchange rate.
Turesin stated that Mudurnu Tavukculuk which provided 100 million U.S. dollars to the Turkish economy annually and which paid 15 million U.S. dollars of premium and tax to the state annually expected 10 million U.S. dollars of source to restart to produce.
Mudurnu Tavukculuk which targeted to join the biggest first 100 firms in Turkey had set up a professional administration staff headed by Tevfik Altinok retired from Koc Holding Financial Services Group in mid of 2000.