Firms building 3rd bridge file for bankruptcy protection

Three of the firms subcontracted to build Istanbuland’s third Bosporus bridge have filed for bankruptcy protection, according to news reports on Monday.
ESA iniaat, Saryapi iniaat and iSDEM Yapi were hit hard by the recent surge in the value of the dollar against the lira and subsequently applied to local Istanbul courts to avoid bankruptcy.
ESA iniaat, which was contracted to perform excavation and tunnel work, employed nearly 1,000 workers for the construction of the bridge. iSDEM Yapi, which brought in TL 37 million in revenue from the bridge last year, is involved in constructing highways in conjunction with the bridge, while Saryapi iniaat is building a 10-kilometer-long road within the scope of the project. Saryapi earned TL 100 million in revenue from the project last year.
The bridge project has been fraught with controversy since its inception as environmentalists argue it will be devastating to the forestland in the northern end of the city and will exacerbate — rather than relieve — the cityand’s severe traffic problem. President Recep Tayyip Erdogan, a major supporter of the project, previously claimed during his tenure as Istanbul mayor in the 1990s that a third bridge would be disastrous for the city.

SOURCE: Today’s Zaman