Cost of ‘Wolves’ hunts down construction firm
ISTANBUL - Hürriyet
Turkish actor Necati Şaşmaz (R) is seen on a commercial of Ukra İnşaat.Ukra İnşaat, a Turkish construction firm that has made a name with commercials starring actors of the famous Turkish TV series “Valley of the Wolves,” has requested a delay in bankruptcy proceedings amid reports that the company overspent in promotion campaigns.
A court has passed an injunction protecting the company against its creditors, while the Istanbul-based firm’s request to delay bankruptcy will be considered after the current legal process.
Company executives admitted in a statement yesterday that the firm was facing financial problems because of canceled projects in Istanbul’s European-side district of Esenyurt.
An expert report on the financial situation of the company, which has been appraised at 165 million Turkish Liras, revealed a budget shortfall of 44 million liras. Ukra, however, spent $20 million (nearly 35 million liras) on advertising and sponsorships, attracting widespread criticism.
Actors Necati Şaşmaz and Gürkan Uygun, both of whom star in the “Valley of the Wolves,” played in the firm’s commercials. The company also sponsored films such as “Valley of the Wolves Palestine” and “Av Mevsimi” (Hunting Season). According to the report, the company spent $2.5 million on a commercial with Uygun that ran last November.
The expert report outlined an amelioration plan that would cut advertising expenses and remove sponsorship from the budget. Ukra has also been advised to accelerate the sales of its properties, prioritize the collection of debts, increase its capital and reduce the number of its employees.