The İzmir-based vehicle manufacturer, which was seized by the state fund last year due to the debts of its former owner Çukurova Group, appears to be rising to its feet at last, after failing to fulfill its responsibilities for months due to heavy financial constraints.
BMC was supposed to deliver 468 Kirpis and trucks in a range of sizes to the Turkish Defense Ministry by the end of 2012, but it could only deliver 295 of the order until the recently reported delivery.
Things are turning around for the company as İzmir Municipality’s ban, which was imposed after the firm couldn’t deliver the buses it had promised last year, will terminate as of April 1 as well, enabling it to enter tenders in the city.
The Turkish Saving Deposit Insurance Fund (TMSF) had confiscated the BMC on May 17, 2013 and in the beginning of February, the fund announced it had put motor company BMC up for sale. The tender for the manufacturer is scheduled for April 10. The TMSF has set an estimated price of 985 million Turkish Liras ($434 million) for the firm and media reported at least 10 companies have received specifications.
