Leading Turkish fuel distributor StarPet goes bankrupt: report

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An İstanbul court has ruled for bankruptcy for StarPet, one of Turkey’s leading fuel distribution chains, with some 320 gas stations across the country, the Diken news website reported on Monday.

The company, established in 2005 and listed by Fortune as among the top 500 Turkish companies in 2015, applied for “postponement of bankruptcy” over its financial difficulties in February 2016.

The court made its bankruptcy ruling after expert reports expressed pessimism about the company’s financial outlook.

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