Top Turkish Carpet Maker Files for Bankruptcy Protection

A leading Turkish carpet maker whose rugs adorn the floors of Istanbul’s luxury hotels and the region’s biggest mosque has filed for bankruptcy, Ahval reported. Avşar Halı was awarded bankruptcy protection by a court in Gaziantep in southeastern Turkey, the city where it is based, Sözcü newspaper reported on Wednesday. The firm has supplied carpets to five-star hotels in Istanbul such as the Ritz Carlton, Shangri-La Bosporus and the Hilton. Its rugs also furnish the floors of Çamlıca Mosque, the largest in Asia Minor, which opened in 2016. Many Turkish companies are struggling to make ends meet during a sharp economic downturn. The lira has lost about a third of its value against the dollar this year while interest rates on loans have surged after inflation more than doubled to 25 percent. Read more