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Standstill agreement for Yildiz Sunta extended

20.08.2019 − 

A three-month standstill agreement that the ailing wood-based panel and laminate flooring manufacturer Yildiz Sunta reached with its creditors in May 2019 is to be extended to allow ongoing sales negotiations to continue. In January, the firm had ceased all manufacturing activities due to bankruptcy proceedings. The banks involved launched the process of selling its assets and premises in the spring after talks about resuming operations ended in failure. The standstill agreement in place since the start of June will run until the end of August.

According to sources in the Turkish wood-based panel industry, Kastamonu Entegre Agac San. ve Tic. A.S., based in Istanbul, and the Kronospan group have mainly shown interest of late. Kastamonu currently runs six sites making particleboard, MDF/HDF and refined products in Turkey (Kasta-monu, Gebze, Adana, Balikesir, Samsun and Tarsus). Kronospan has been active in Turkey since 2010 through SFC Entegre Orman Urunleri Sanayi ve Ticaret A.S., based in Kastamonu.

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