Bankruptcy Decision For Bayrampaşa Ora Shopping Mall

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The Istanbul Commercial Court decided to go bankrupt by ruling that the company could not be saved after the trial.
One year after it was opened, bankruptcy decision was made for ORA Shopping Center in Bayrampaşa, which is in financial trouble. Among the recipients of the company, besides financial institutions, there are nearly 450 companies and people. Bankruptcy of the shopping center's total debt of 1 billion 590 million liras.
In October 2011, an investment of 400 million dollars was made for Ora Shopping Center in Istanbul Bayrampaşa, which opened its doors. Ora shopping mall, which has 235 shops and hotels, closed down for a year. When the number of visitors was not in the desired level, the companies renting out the stores in the shopping center vacated two stores and put the investor of the project in a difficult situation.



Ora Istanbul Real Estate Investment and Development Inc., which owns the Ora shopping mall project, has applied to the court for the postponement of bankruptcy at the end of 2012. The file was started to be seen in Istanbul 50th Commercial Court of Justice. While the case was ongoing, the buyers also applied for the company's business.
The court decided to bankrupt the company on September 17, 2013 after the trial. The decision of the Court moved to the Court of Cassation. The Court of Cassation 23rd Law Office broke the bankruptcy order of the court. The file went back to the commercial court. The Istanbul 18th Asliye Commercial Court decided to bankrupt the company on February 8 at 16:58. In the meantime, the company's lawyer requested the court's refusal, but the request was rejected by the committee.


Among the buyers of Ora AVM, there are 450 companies and individuals besides the financial institutions. The biggest creditor of the company is Ziraat Bank. The bank's 285 million euro loan to Ora AVM also came to the Assembly agenda. The total debt of the company is 1 billion 590 million TL.


Owners of ORA MALL's investor company were also heirs to Ferhatpaşa Çiftliği. There is now a large shopping mall, such as Carrefoursa and Bauhaus, as well as a bus station, dry food and vegetable area, with a farm area of ​​6 million square meters. A large part of the land after the expropriation of the expropriation of the heirs of the expropriation of the plan to build a 150 thousand square meters of underground shopping mall has come to the agenda. The construction started in 2008 after the project company was established in December 2007.

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