Turkey's Akin Tekstil files for bankruptcy protection

Turkish textile company Akin Tekstil ATEKS has filed for bankruptcy protection, it said on Tuesday, with the court granting a three-month temporary respite.

The company said in a statement it will continue regular operations during the process, and that the court had appointed temporary bankruptcy protection commissioners, who typically inspect a firm's finances and manage negotiations with debtors.

Shares in Akin Tekstil fell by nearly 10%, hitting the daily loss cap of Borsa Istanbul.

The company said a series of lawsuits filed by minority shareholders had impeded its access to financial resources, damaged its reputation with banks, and made it impossible to access operational capital.

It said it aimed to resolve the issue smoothly by restructuring its debts with reasonable terms.