Turkey’s Ulusoy travel company ruled bankrupt after 80 years of business
Turkey has lost one of its oldest passenger travel companies, as Ulusoy Seyahat has been ruled legally bankrupt.
The travel company has been transporting goods and passengers across Turkey for exactly 80 years.
A family dispute led to the breakup of Ulusoy, with the company remaining under the ownership of former Turkish Football Federation President Haluk Ulusoy.
Ulusoy entered financial troubles and ceased operations in 2016.
The company was sold off to a number of passenger buses in order to settle its debts, but the bankruptcy case appeared nonetheless.
Following the court ruling, liquidation is set to begin on the company's assets, which amount to 65,250,000 Turkish liras ($18.5 million).
Ulusoy was founded in 1937 by Hacı Mehmet Bahattin Ulusoy, who started a freight business between the Turkish cities of Trabzon and Of.