"Signals in Bankruptcy Protection Filings Must Be Read Correctly"

Ömer Karadeniz, Chairman of the Board of the Plastics Manufacturers Federation (PLASFED), drew attention to the rise in concordat applications in recent times as a clear indicator of financial strain in the business world, stating: "Opening doors for manufacturers opens doors for the economy. For companies to remain standing without resorting to concordat, financing costs must be reduced and policies that encourage production must be implemented urgently."

"Concordat, an indicator of financial contraction"
Karadeniz, addressing the increase in concordat applications, which has been one of the key agenda items for Turkey's economy recently, emphasized that the process must be read correctly. Defining concordat as companies' attempt to stay afloat by restructuring their debts, Karadeniz stated: "The frequent appearance of this mechanism clearly shows the financial contraction the business world is experiencing. Our hope is that companies will be able to continue their operations without resorting to concordat."

"Interest rates and inflation are straining manufacturers"
Noting that high interest rates continue to delay investment decisions and inflation continues to increase production costs, Karadeniz made the following remarks:
"High interest rates make it difficult to meet working capital needs. Inflation continuously pushes up energy and raw material costs. This situation both narrows demand in the domestic market and weakens our export competitiveness."

"Opening doors for manufacturers grows the economy"
Emphasizing that the investment environment must be improved for manufacturers to preserve their production capacity, Karadeniz stated: "Opening doors for manufacturers is actually opening doors for the economy. The survival of our enterprises that export, create added value and provide employment is directly linked to the country's growth. Policies that inspire investor confidence, facilitate access to financing and encourage production must be implemented without delay."

"Manufacturers continue to produce despite all difficulties"
Karadeniz emphasized that manufacturers continue to produce for Turkey despite all challenges, saying: "Manufacturers continue to create employment, export and provide added value to the country's economy. With correct policies, Turkey's economy can enter a strong growth process again."