9 Shopping Malls with Debts of 600 Million Euros Requested Concordat

Giant shopping malls have been a part of our lives for a long time. With its colorful lights, flashy shops and various events, many people visit shopping malls whenever they get the chance. However, all is not sunny for all shopping malls.

Finally 9 shopping malls applied for concordat. Among these, Marmara Forum and Forum Istanbul are also included. It is stated that the total debt of 9 shopping malls is at the level of 600 million euros.

Shopping malls are at the mercy of banks

At Istanbul 3rd Commercial Court of First Instance In the case file filed, the court ruled against a total of 10 companies, 9 of which were for the company to which the shopping malls are affiliated. 3 months temporary respite made the decision. Thus, while these companies were protected for a while, Assoc. Dr. Murat Oruç, Independent Auditor Prof. Dr. Hakan Taştan and Financial Advisor Prof. Dr. Halil İbrahim Alparslan was also appointed as temporary concordat commissioner by the court.

Shopping malls that request concordat, The group with the most shopping malls under one roof It draws attention as. According to official records, the annual number of visitors to these shopping malls, which are the subject of the concordat request, has reached 76 million. In total under the roof of these shopping malls 1500 stores It was also stated in the court records that he continued his activities. The debt of the companies, which is 600 million in euro basis, at the current exchange rate 28 billion TLfinds .

Why are shopping malls sinking?

When we look at the reasons for the concordat request in the petition, we see that the increase in the exchange rate puts shopping malls in a difficult situation. With a decision taken in 2018, shopping malls were prohibited from receiving rents in foreign currency. companies Although they borrow in foreign currency, they collect the rent in TL Their financial structures were negatively affected due to this. This situation was explained in the petition as follows: “In this process, shopping mall investors, who earned income in TL and had to pay their debts in foreign currency, were literally left at the mercy of the banks.”

Shopping malls also operate during the pandemic period. nearly two years It was closed for a while. The decrease in the number of visitors during this period is shown as another reason for the financial bottleneck experienced by companies.

According to the case file, almost all of the debts of companies requesting concordat consist of debts to banks. Loans taken from three banks, two local and one foreign, All rents go to loan payment why is this happening. It is stated that the companies in question could not get out of the bottleneck for this reason.