Putin's Economic War Pushes Turkey's Aynes Near Bankruptcy

February 3, 2016, 5:15 AM EST Updated on February 3, 2016, 10:47 AM EST

Turkish dairy producer filed to delay bankruptcy on Monday
Company said Tuesday it failed to make bond coupon payment

Dairy producer Aynes Gida Sanayi sought to postpone bankruptcy and failed to make a payment on a bond, as Russian President Vladimir Putin’s economic sanctions on Turkey claimed their first high-profile corporate victim.

Aynes’s application to delay insolvency is part of its plan to suspend repayment of bank debt, according to Eren Yazicioglu, the Denizli-based company’s financial coordinator. The private company, which won a national tender to distribute milk to Turkish schoolchildren, missed a 1.83 million lira ($621,000) payment on a 50 million lira bond on Tuesday.