One of Turkey's oldest transportation companies, Ulusoy Seyahat, was ruled legally bankrupt Wednesday, although the decision will not affect the famous coach company operating under the same brand.
The travel company has been transporting goods and passengers across Turkey for exactly 80 years.
A family dispute led to the breakup of Ulusoy group in 2008, with the company remaining under the ownership of former Turkish Football Federation President Haluk Ulusoy.
Ulusoy entered financial troubles and briefly ceased operations in 2016, while Varan, a luxury coach company acquired by Ulusoy in 2011, ceased operations. The company was sold off to a number of passenger buses in order to settle its debts. Both companies were affected by the shrinking market share of bus companies against airliners and high speed train.
Meanwhile the coach company, Ulusoy Ulaşım A.Ş., announced Wednesday that it was not affiliated with the company that went bankrupt and resumes its passenger services.
The bankruptcy decisions affects the original Ulusoy company and its operations in the logistics sector.
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.