Turkish citrus company declares bankruptcy with US$78M debt
Website todayszaman.com reported the company called Elginsan marketed half of all citrus fruits grown in the southern-central region.
The organization's bankruptcy is said to have left behind 200 million Turkish lira (US$78 million) in debts own to dozens of firms and thousands of redundant workers.
The firm reportedly went bankrupt due to declining exports to Russia, which has been suffering from a severe economic crisis since economic sanctions were imposed by Western Nations in 2014.
The closure of the company, which received an award from then-President Abdullah Gül in 2011, is reported to have dealt a heavy blow to business owners in the Çukurova region that used to work with the organization, according to todayszaman.com.
One producer who supplied citrus to the company, Mehmet Kaya, reportedly said the firm owed about 32 million lira (US$12 million).