Borajet’s Bankruptcy Story, Resembling the Snake Story

However, Borajet’s flight adventure was disrupted after a while, and as of 2016, rumors spread that the company was making a loss and would be sold. Soon after these rumors Borajet’s We also heard that the sale, which turned into a drama, was completed.

While everything was going well, the company was suddenly put up for sale and the sale was made hastily. Borajet, which has 13 aircraft in its fleet, In Turkish private aviation Why did he suddenly disappear while he played an important role and breathed new life into the industry?

Let’s consider the issue from the very beginning, from the founding of the company.

Our country has made a significant breakthrough in air transportation since 2003. Primarily on domestic lines Turkish Airlines’ The monopoly was abolished and private companies were offered the opportunity to fly.

released during this period Onur Air, Atlas Jet and Pegasus There were many private companies such as. As you can imagine, this quickly created a competitive environment and it became possible to see many companies on domestic routes.

But in Turkey Individual aircraft use did not exist at that time. For example, if your main base is Ankara, you could pick up passengers with these planes from places where passenger demand is low to the main centers. In short, it was possible to reach smaller places with such small planes. Borajet did exactly this.

Turkish businessman living in the USA in 2009, when there was no regional aircraft initiative in Turkey yet Yalcin Ayasli embarked on this project.

Ayaslı had announced that he would take steps to establish a regional airline.

ATR-72

Yalçın Ayaslı, who is interested in aviation, has made very important breakthroughs to develop this technology. The first of these and his first step into the industry was Orhan Air, which he founded with Faruk Bayındır. Next Civil Aviation in 2010 Borajet, which officially started its flights by obtaining its license, arrived.

The airline, Borajet at that time, He was using ATR 72 type aircraft. While everything was going well at first, over time, flights started to be made to short distance destinations with low passenger capacity, while there were disruptions in flights, flights without passengers started to be canceled very frequently.

Later, the company removed its ATR 72 type aircraft from its inventory and replaced them with Designed in Brazil switched to new types of aircraft. This was a significant growth spurt for the company; If we consider Turkey for those periods, its purchasing power was quite good.

Gradually, as 2016 came, Borajet made another breakthrough and Signed an agreement with Mbrair company to purchase 30 regional aircraft. One of the main goals of the company was to use the Istanbul Airport, which was to be opened at that time, as its headquarters. In fact, this was nothing more than a breakthrough to increase the value of the company.

The major investor sought in the company was Sezgin Baran Korkmaz himself.

Borajet was looking for an investor even though its flights were decreasing. SBK Holding announced that it acquired Borajet on December 30, 2016. The amount paid to the company was a very serious figure of 260 million dollars. After the purchase, the color of the business changed, the ones in the company’s fleet It turned out that 6-7 of the 13 aircraft could not fly.

As the situation becomes increasingly complex Sezgin Baran KorkmazProf., who sold the company to them, claiming that he detected a loss of 150 million dollars that was not visible on Borajet’s balance sheet. He filed a lawsuit against Ayaslı. Ayaslı, on the other hand, denied all the accusations and refused to pay what was due to him from this sale. He stated that not even a penny of 400 million dollars was paid.

Allegations about Korkmaz followed.

Although there are reports that Korkmaz revived and resold failing companies, the situation is actually dirty money It was about him coming to Turkey to get acquitted. Gradually, it began to emerge with whom Korkmaz was doing business in the USA.

His name was mentioned with names such as Jacob and Isaiah Kingston, brothers known as the Mormon Brothers, and their associate Levon Termendzhyan, who were tried in the State of Utah. This trio was on trial on charges of defrauding the US treasury of $1.5 billion.

In 2017, Korkmaz Borajet stopped its flights and said that he would organize again and start flights. But the holding sank even further while trying to straighten out the company.

Although they announced that it would be operational, this never happened and Borajet turned into an airline company that officially no longer exists. It is not clear who benefited from what happened in this process and who benefited from this sale.

However, on November 7, 2019, Borajet Bakırköy 1st Execution and Bankruptcy Directorate officially announced that it was bankrupt. and the activities of the first regional airline company of Turkish civil aviation officially ended with such a snake story.

Our other content about bankrupt companies: