Alves Kablo (Istanbul/ALVES), a Turkish manufacturer of industrial cables, has been hit by a wave of debt enforcement proceedings. This has resulted in the placing of legal liens on Turkish lira (TRY) 1.06bn ($22mn) of corporate assets, according to a material event disclosure made by the company on September 8.

Creditors and individuals have initiated executive enforcement and asset seizure actions against Alves Kablo’s holdings. Despite the scale of the moves, the company said that its production machinery remained active and operational.

"Our manufacturing machinery subject to the seizure remains operational, and our production activities continue uninterrupted," the stock exchange filing by the Ankara-based manufacturer reads.

"At the current stage, there are no decisions or requests for the liquidation or sale of the seized assets," the company also said.

Alves Kablo also stated that it has launched legal and administrative counter-measures to challenge the enforcement actions. It responded to six separate warning notices delivered between September 1 and September 4.

The company said It successfully halted proceedings in one primary case that was before the Kahramankazan Enforcement Office (File No: 2026/2459) after filing a formal debt objection.

Company lawyers were reviewing other enforcement files ahead of lodging objections within statutory deadlines, the statement added.

On September 2, Alves Kablo defaulted on a TRY 310mn Islamic sukuk bond (TRDKTSK82660) payment.

Also on that date, the company said that chairman Deniz Karamercan had been formally arrested on August 10 by order of the Ankara 6th criminal (sulh ceza) court. A confidentiality order limits the public provision of details on the nature of the criminal probe Karamercan faces. Corporate operations are currently being managed by vice chairman Hikmet Alabicak.

In 2024, Alves listed its shares on the Borsa Istanbul amid a flurry of initial public offerings (IPOs).