Turkish airline Atlasglobal’s bankruptcy finalized as court ends legal battle
This file photo dated April 3, 2019 shows an Atlasglobal Airbus A321-211 plane preparing to take off at International Airport in Istanbul, Türkiye. (Reuters Photo)
Atlasglobal, a prominent Turkish airline, declared bankruptcy in June 2021, officially confirmed by the Supreme Court.
While this development marks the end of a significant chapter in Türkiye’s aviation industry, the process has been marked by numerous legal developments and appeals.
Legal proceedings
- Initial bankruptcy declaration (June 2021): On June 17, 2021, the Bakirkoy 3rd Commercial Court ruled that Atlasglobal was insolvent. This decision was subsequently appealed to the Regional Court of Appeal.
- Appeal and reversal (September 2022): In September 2022, the Regional Court of Appeal overturned the initial bankruptcy decision, citing procedural issues. The case was returned to the Istanbul 3rd Commercial Court for reevaluation.
- Reevaluation and re-decision (January 2023): The Istanbul 3rd Commercial Court reaffirmed the bankruptcy decision on January 19, 2023, after reassessment.
Supreme Court confirmation
With the Supreme Court’s confirmation, Atlasglobal’s bankruptcy is now officially finalized, ending its operations in Türkiye’s aviation sector.
- Final ruling: The case was then escalated to the Turkish Supreme Court. On June 27, 2024, the Supreme Court’s 6th Civil Chamber unanimously upheld the bankruptcy ruling. The decision was finalized and sent to the Istanbul Regional Court of Appeal for enforcement.
