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Turkey’s fairytale castles win reprieve after bankruptcy

ITN News Editor
By ITN News Editor February 2, 2019 13:26

Turkey’s fairytale castles win reprieve after bankruptcy

A half-built fairytale development of hundreds of Disney-style castles in Western Turkey won a reprieve from bankruptcy when creditors voted to allow a construction company to complete work on the project.The Burj el Babas project, about 200 km east of Istanbul, was intended to be a luxury housing development boasting rows upon rows of cream-coloured castles with grey turrets, all built around a shopping mall and hotel. But delays in obtaining construction permits pushed up building costs, as the falling lira drove up prices of building materials.

The company – like other construction firms in Turkey- felt the pain of a falling currency and rising interest rates.Work at the resort was halted last year, before all 732 castles were completed, and the company was declared bankrupt.On Friday a majority of creditors of the firm, Sarot Turizm, voted for it to continue building at the complex in the town of Mudurnu, using company capital and assets, company lawyer Ozgur Yanar told Reuters.

ITN News Editor
By ITN News Editor February 2, 2019 13:26

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