Turkey is planning to tighten access to bankruptcy protections after a surge in applications, as authorities seek to curb what they say is misuse of a key debt-restructuring tool, Bloomberg News reported. Draft proposals seen by Bloomberg would overhaul the country’s concordat system, a court-supervised process that allows financially distressed companies to postpone payments and restructure with creditors instead of entering bankruptcy.

Turkey is planning to tighten access to bankruptcy protections after a surge in applications, as authorities seek to curb what they say is misuse of a key debt-restructuring tool, Bloomberg News reported. Draft proposals seen by Bloomberg would overhaul the country’s concordat system, a court-supervised process that allows financially distressed companies to postpone payments and restructure with creditors instead of entering bankruptcy.

Turkey’s Pegasus Airlines said on Monday it has signed an agreement to acquire the biggest Czech airline, Smartwings, along with its owner, Czech Airlines, from Prague City Air, the Associated Press reported. Pegasus said that the deal, which is worth 154 million euros (almost $180 million) was a “step forward in our continued global growth journey.” The process of transferring the ownership of Czech Airlines should be completed in 12 months, Smartwings spokeswoman Vladimíra Dufková said.

Turkey’s central bank slowed the pace of rate cuts at its latest meeting, after inflation came in higher than expected in September, the Wall Street Journal reported. The Central Bank of Turkey cut its benchmark rate to 39.5% from 40.5%, it said Thursday. Money markets priced in a three-quarter-point rate cut, although with the possibility of a bigger, one-percentage-point cut, according to LSEG data. The bank previously cut rates by 2.5 percentage points and 3 percentage points in September and July, respectively.

Turkish lawmakers are reportedly planning to consider legislation that would grant the country's financial crimes watchdog sweeping new authority to freeze bank and crypto accounts suspected of illegal activity, Decrypt.com reported. The draft bill would empower Masak, Turkey's financial intelligence unit, to take direct action against accounts suspected of criminal use across financial institutions and cryptocurrency platforms.

U.S. wind turbine blade maker TPI Composites has completed the sale of its Turkish operations after receiving approval from the US Bankruptcy Court in its chapter 11 proceedings, WindPowerMonthly.com reported. The blade maker announced the agreement to sell the assets to UAE-based company XCS Composites earlier this month as part of its ‘reorganisation bankruptcy’ proceedings. In a 4 September filing in Texas, TPI asked for the court to approve the transaction by 19 September, warning that there would be “serious risk” of XCS walking away from the transaction otherwise.

Turkey said on Monday it had terminated retaliatory tariffs imposed in 2018 on U.S. imports ranging from passenger cars to fruit, in a sign of warming bilateral ties as President Tayyip Erdogan travels to the United States. Erdogan is due to attend the United Nations General Assembly in New York this week ahead of a meeting at the White House on Thursday with U.S. President Donald Trump, who said he expected trade and military deals to be sealed during the visit.

Turkey’s central bank lowered borrowing costs for a second meeting in a row, noting that inflation continued to trend lower, the Wall Street Journal reported. The central bank said Thursday that it would lower its benchmark rate to 40.5% from 43%. It had previously cut its key rate to 43% from 46% in late July. “The underlying trend of inflation slowed down in August,” the central bank said.