Rising Stars

Restructuring and insolvency in Turkey

ASC Law Office

ASC Law Office gives ‘excellent support‘ on some of the highest value restructurings in the Turkish market and is experienced in acting for a host of domestic banks. The team is also well-versed in advising international clients in cross-border work, and is equally adept at transactional and contentious matters in the area. Okan Beygo, one of the firm’s founding partners, heads the consultancy department of the firm, within which the restructuring practice sits. Co-leading on restructuring and insolvency is Levent Yetkil, who has strength in project finance-related matters.

Practice head(s):

Okan Beygo; Levent Yetkil


Testimonials

‘I worked with the ASC team on the restructuring of a financing for power projects. They provided excellent support.’

‘Levent Yetkil – he knows the power sector well, is super responsive and provides helpful and practical advice.’

Key clients

Standard Chartered Bank (Germany)


T.C. Ziraat Bankası A.Ş.1


Türkiye Varlık Fonu (“Sovereign Wealth Fund of Turkey”)


İGA Havalimanı İşletmesi Anonim Şirketi


Yapı ve Kredi Bankası


Türkiye İş Bankası A.Ş.


Unicredit Bank AG (aka “HypoVereinsbank”) (Germany)


Türkiye Halk Bankası A.Ş.


Türkiye Sınai Kalkınma Bankası A.Ş.


Silvan Sanayi A.Ş.


Çelik Motor Ticaret A.Ş.


Work highlights


  • Advised the debtor, a Turkish manufacturer, on the restructuring of its outstanding debt of nearly $500m by 15 Turkish financial institutions.
  • Assisted Halk Bank, as the lead arranger, and ten other Turkish financial institutions, with restructuring the existing debts and extending to the debtor an additional $3m.
  • Advised İş Bank, along with seven other Turkish financial institutions, on restructuring the approximately $150m debt of two Turkish manufacturers.

Esin Attorney Partnership, a Member Firm of Baker McKenzie International, a Swiss Verein

An elite client list of international and domestic heavyweights, including banks and financial institutions, look to Esin Attorney Partnership, a Member Firm of Baker McKenzie International, a Swiss Verein for advice on all aspects of financial restructurings and insolvency matters. The practice combines expertise in dispute resolution and banking and finance law, as well as drawing on the international network of its affiliate, Baker McKenzie. Head of the firm’s banking, finance and capital markets department, Muhsin Keskin co-leads restructuring and insolvency with litigator Koray Söğüt, and Yalın Akmenek, who has a niche speciality in NPLs.

Practice head(s):

Muhsin Keskin; Yalın Akmenek; Koray Söğüt


Other key lawyers:

Zeki Nizam Cebe


Testimonials

‘ Our cooperation is at a high level when we work.’

‘They were happy to meet our needs whenever we needed help.’

‘We seek our appointed advisors to be hands on and reachable without any time limits. The team achieved our needs and we obtained great service and reached the entire team when we want. Restructuring procedures are crucial for companies and the team gave the required importance to the process.’

Key clients

Abraaj Capital


Global Ports Group


Global Liman İşletmeleri A.Ş.


Polatyol Group Companies


Polat Elektrik


Overseas Private Investment Corporation


Hattat Holding A.Ş.


Hema Endüstri A.Ş.


Hema Exim Ticaret A.Ş.


Hattat Tarım Makinaları Sanayi ve Ticaret A.Ş.


Hema Otomotiv Sistemleri A.Ş.


Hattat Otomotiv Pazarlama A.Ş.


Global Ports Holding PLC


Global Ports Holding Company Limited


Global Yatırım Holding A.Ş.


Global Liman İşletmeleri A.Ş


Jain International Trading B.V.


Rönenans Gayrimenkul Yatırım A.Ş.


Work highlights


  • Advised Polatyol Group on a ₺2.9bn financial restructuring agreement regarding the restructuring of its financial obligations, and Polat Elektrik and shareholders in relation to a ₺270m financial restructuring agreement regarding its financial obligations.
  • Advised Hattat Group on the restructuring of Hema Automotive Group’s financial obligations in the amount of €180m to Turkish banks and financial institutions.
  • Advised Abraaj Credit on a matter involving the financial and solvent restructuring of Derindere Turizm Otomotiv, a Turkish company to which Abraaj Credit provided a loan.

GKC Partners (in professional association with White & Case)

GKC Partners (in professional association with White & Case) has a strong recent history in acting on large-scale restructurings within Turkey’s domestic financial sector. A recent example saw the team act for Turkish electricity producer İçanadolu Doğalgaz Elektrik on the restructuring of the financial indebtedness of its CCGT power plant with Yapi Kredi, Garanti, İs Bank, DenizBank and TSKB. This advice was led by the practice co-heads Güniz Gokce, one of the foremost names in Turkish restructuring law, and Ateş Turnaoğlu, who clients praise for his ‘outstanding performance‘.

Practice head(s):

Güniz Gökçe; Ateş Turnaoğlu


Testimonials

‘We worked with GKC Partners both on our side and the lenders’ side in two different restructurings. Each time, they have contributed to the project more than envisaged. Their feedback is always on time.’

‘Ateş Turnaoğlu has shown an outstanding performance.’

Key clients

Türkiye İş bankası A.Ş.


İç Anadolu Doğalgaz Enerji Üretim ve Ticaret A.Ş.


Vakıflar Bankası T.A.O.


ICBC Turkey Bank A.Ş.


Work highlights


  • Acted for İş Bankası, DenizBank, Halkbank, TSKB and Vakıfbank in the financial restructuring of the existing cash and non-cash indebtedness of Soma Thermal Power Plant under the financial restructuring programme (FYY).
  • Advised İçanadolu Doğalgaz Elektrik, a Turkish electricity producer and a subsidiary of Gama Energy, on the restructuring of the financial indebtedness of its CCGT power plant with Yapi Kredi, Garanti, İs Bank, DenizBank and TSKB.
  • Acting for the lenders led by Vakıfbank in connection with the $800 million restructuring of Gallery Crystal Hotels.

Hergüner Bilgen Üçer Attorney Partnership

Hergüner Bilgen Üçer Attorney Partnership has an especially strong presence in restructuring work relating to infrastructure and energy projects in Turkey, wherein it has been acting in a number of long-term matters for international groups of lenders. The firm is also well known for its work in corporate restructuring within its corporate and M&A practice, which includes intra-group M&A transactions. Project development expert Senem Denktaş, Piraye Kuranel Başol, who focuses on financial transactions, and disputes partner, Şule Uluç are the practice heads.

Practice head(s):

Senem Denktaş; Piraye Kuranel Başol; Şule Uluç


Key clients

Export Development Canada


U.S. International Development Finance Corporation


IFC


EIB


K-Exim


K-Sure


BSTDB


DEG


Work highlights


  • Advising a group of lenders in Ankara Etlik Healthcare Campus projects on restructuring the debt extended to a project company for the development of one of the largest healthcare facilities in Turkey.

Paksoy

The restructuring and insolvency practice at Paksoy is best known for corporate restructurings, debt to equity conversions, NPLs, refinancing transactions and insolvency-related advice, with its finance experts drawing on the support of a strong litigation team. Recently, the department has had an increased focus on the sale of NPLs and distressed loan books in the secondary market, on both buyer and seller sides. Elvan Aziz, Sera Somay and Ömer Çollak spearhead the practice, supported by tax partner Şansal Erbacıoğlu.

Practice head(s):

Elvan Aziz; Ömer Çollak; Sera Somay


Other key lawyers:

Şansal Erbacıoğlu


Balcioglu Selçuk Ardiyok Keki

Balcioglu Selçuk Ardiyok Keki draws together its expert lawyers across banking and finance, litigation, tax and corporate law, to assist its clients with the gamut of restructuring, insolvency and bankruptcy issues. It is well-versed in cross-border restructurings and is able to act in contentious matters, either litigation or arbitration. In a sizeable team, Günhan Yalçın stands out for his debt expertise in multi-jurisdictional debt financing transactions and Doğan Eymirlioğlu acts in high-profile domestic and cross-border transactions. Barlas Balcioğlu is an experienced name in finance and real estate.

Practice head(s):

Galip Selçuk; Barlas Balcıoğlu; Selim Keki; Doğan Eymirlioğlu; Semih Sander; Günhan Yalçın; Özge Akman Özmenlikan; Mahmut Karyağdı


Other key lawyers:

Aygül Coşkun; Seda Nur Ün


Testimonials

‘Very well qualified in insolvency (including in particular composition) law as well as in the respective legal proceedings; the firm gives clear and well structured advices in all questions; fair pricing.’

‘Good cooperation; very good qualification.’

‘Outstanding associates/ partners: Seda Ün and Günhan Yalçın.’

Key clients

SCHOTT AG


ODDO BHF Aktiengesellschaft (BHF)


Northstar Europe S.A.


Yapı ve Kredi Bankası A.Ş.


Islamic Corporation for the Development of Private Sector (ICD)


TOLL Global Logistics


Perkins Engines


K-Line


Intertrust Group


IDO Istanbul Deniz Otobüsleri


CIFTCI Attorney Partnership in association with Clifford Chance

Sait Eryılmaz leads the practice at CIFTCI Attorney Partnership in association with Clifford Chance, having advised on a number of notable projects in restructuring, refinancing and insolvency, with a focus on the energy and infrastructure sectors. He and his team routinely advise on cross-border work, aided by the network of offices of its affiliate firm, Clifford Chance. Senior associate Gökçe Uzun is a further key name to note.

Practice head(s):

Sait Eryılmaz


Key clients

Garanti


BBVA


Yapı Kredi


TurkExim


Isbank


Work highlights


  • Advising the lenders to İçanadolu Doğalgaz Elektrik, a Turkish natural gas and electricity company, on the group’s debt restructuring involving Turkish, English, Dutch and Jordanian law aspects.
  • Advising TurkExim Bank on the restructuring of a facility made available to the Congolese State under World Bank’s Debt Service Suspension Initiative (DSSI).

DURUKAN+PARTNERS

DURUKAN+PARTNERS‘ expertise in restructuring and insolvency covers the borrower-side restructuring of secured and unsecured financing, bankruptcy and insolvency. Banking and finance specialist Begüm Durukan is the main contact and leads on a host of matters, recently acting for a number of domestic companies and financial institutions. The team's client base also includes international sponsors of some of Turkey’s major energy and infrastructure projects.

Practice head(s):

Begüm Durukan; Hikmet Fadillioglu


Key clients

Ojer Telekomunikasyon A.S. (OTAS)


Emaar Properties PJSC


Emaar Properties PJSC


Letterone Group and IMTIS Holdings


Perini Navi S.p.A.


Alimentation Couche-Tard


Europe Arab Bank


Gazprom Export LLC and ZMB Gaz Depo A.S.


Ansaldo Energia S.p.A


Work highlights


  • Acted for Ojer Telekomunikasyon (OTAS), majority stakeholder in Turk Telekom, as well as its stakeholder Oger Telecom Limited, in the restructuring of OTAS’ $5.2bn debt to lenders.
  • Advising Emaar on the restructuring of the $500m loan facility for the financing of Emaar Square Project.
  • Advising LetterOne, indirect shareholder in Turkcell, on certain restructuring and shareholding issues and concepts of capital markets laws as they may apply to Turkcell.

Egemenoglu Law Firm

Egemenoglu Law Firm has, in recent years, directed some of its broader banking and finance expertise into the restructuring and insolvency arena, with Yunus Egemenoğlu and Turan Doğan now co-leading a dedicated practice. The use of Concordatum procedure, an option for distressed companies in search of certain protection, is a particular area of expertise, and the team also has strong experience in multijurisdictional restructuring processes. Litigator Dilek Gürsan is a further contact to note.

Practice head(s):

Yunus Egemenoğlu; Turan Doğan


Other key lawyers:

Dilek Gürsan; Sinem Akan; Çağlar Yavuz


Key clients

DRD Fleet Leasing


TACA Construction


Demsa


Ferko Yapı


Koton


Pakpen Group


Pupa


Elimsan Switchgear


Hun Holding


Çiftçiler Holding


Work highlights


  • Acting for a Turkish services sector corporation in its financial restructuring of a $230m debt against several notable Turkish banks.
  • Advising a major firm and executing its financial restructuring procedures on a debt of in excess of $130m.
  • Advising Turkey’s largest MEP contractor on its financial restructuring of debts of up to $2.5m against Turkish banks.

Moroglu Arseven

Moroglu Arseven utilises its expertise across finance, corporate, dispute resolution, employment and tax law to sustain a strong offering in restructuring and insolvency advice. Experienced partners Benan Arseven and Seyfi Moroğlu jointly oversee the department. Burcu Tuzcu Ersin is active across all aspects of business law and Burak Baydar is the name to note for dispute resolution expertise.

Practice head(s):

Benan Arseven; Seyfi Moroğlu


Other key lawyers:

Burcu Tuzcu Ersin; Burak Baydar


ÖzmenYalçin

ÖzmenYalçin was established in March 2022 with its team for restructuring and insolvency moving over from Akol Law. Practitioners have represented both domestic and foreign clients in a number of matters, including financial and corporate restructurings, as well as general counsel on insolvency-related issues. Ömer Gökhan Özmen is especially noted for advice to private equity clients, and he leads the practice alongside Güneş Yalçın, whose client base includes a number of banks. Counsels Damla Keskin Şerbetcioğlu and Handan Bacıoğlu are other key names in the department.

Practice head(s):

Ömer Gökhan Özmen; Güneş Yalçın


Other key lawyers:

Damla Keskin Şerbetcioğlu; Handan Bacıoğlu


Key clients

Adnan Polat Enerji Yatırımı A.Ş.


Yapı ve Kredi Bankası A.Ş.


T. Halk Bankası A.Ş.


T. İş Bankası A.Ş.


Denizbank A.Ş.


T. Garanti Bankası A.Ş.


T. Halk Bankası A.Ş.


T. Vakıflar Bankası T.A.O.


T.C. Ziraat Bankası A.Ş.


Odeabank A.Ş.


Shareholders of Kimteks Poliüretan Sanayi Ticaret A.Ş. (KIMPUR)


Doğu Aras Enerji Yatırımları A.Ş., Çalık Enerji and Kiler Holding


Doğanlar Holding Group


Work highlights


  • Advising Adnan Polat Enerji Yatırımı (APEY) as borrower for refinancing by a syndication of banks of project financings of 4 SPVs of Polat Enerji.
  • Acted for Yapı Kredi and Halkbank in restructuring of Çan2 Termik’s existing loans, approximately €210m, provided for Çan-2 Thermal Power Plant.
  • Advised the lenders in the restructuring of the loans provided to Çelikler Group regarding the privatisation of Seyitömer Coal Power Plant amounting to approximately $1.35bn.

Pelister Atayilmaz Enkur Law Office

Admired by clients for its ‘deep knowledge of the industry and excellent relations with banks and financial institutions‘, Pelister Atayilmaz Enkur Law Office fields a restructuring and insolvency practice which is strong on distressed debt transactions, major financial restructuring, and all insolvency-related counsel. Experienced corporate and finance lawyer Kerim Pelister co-leads the department with Gökhan Enkür, who is strong in heavily regulated industries, and distressed debt specialist Fazil Ciftci.

Practice head(s):

Kerim Pelister; Gökhan Enkür; Fazil Ciftci


Testimonials

‘The team has deep knowledge of the industry and excellent relations with banks and financial institutions.’

‘Kerim Pelister has been in the Turkish NPL sector for a long time. He has established good contacts, makes himself available easily, keeps himself updated. He is professional and friendly at the same time.’

Work highlights


  • Advising HH Global, within the scope of an intra-group merger between HH Turkey and Innerworkings Turkey.
  • Advised Conteyor on its global corporate reorganisation project following the merger between ConTeyor Group and VMT Group.
  • Assited Pitcher with the Turkish law aspect of its global corporate restructuring project.

Ersoy Bilgehan Lawyers & Consultants

A go-to practice for shipping sector matters, Ersoy Bilgehan Lawyers & Consultants is counsel of choice for a number of international banks looking for advice on debt restructuring in that area. The team, headed by the trio of Zihni Bilgehan, Ergün Ersoy and Emre Ersoy, is strong across the wider transport industry and experienced in assisting with the range of cross-border matters. Hazal Örnekol is the associate level contact to note.

Practice head(s):

Zihni Bilgehan; Ergun Ersoy; Emre Ersoy


Other key lawyers:

Hazal Örnekol


Key clients

Chailease International Financial Services


European Bank of Restructuring and Development


DVB BANK SE


Deutsche Bank AG


Minsheng Financial Leasing Corp.


Eksportfinansiering Norge (Eksfin)


Hamburg Commercial Bank


SPDB Financial Leasing


Bank of Communications Financial Leasing Company (BoComm)


Work highlights


  • Advised Hamburg Commercial Bank on the transfer of the loan portfolio of a Turkish shipping group involving multiple cross-collateralised securities over multiple jurisdictions.
  • Advised Minsheng Financial Leasing on the sale-and-leaseback of multiple commercial vessels to provide financing to a Turkish shipping group for the restructuring and of re-sourcing previous liabilities.
  • Advised Eksportfinansiering Norge on restructuring the previous liabilities of the borrowers under the loan agreements and drafted the addenda to the loan agreements to amicably settle the matter.

Tunc Firat Dereli Attorney Partnership

Independent full-service firm Tunc Firat Dereli Attorney Partnership acts in a range of restructuring and insolvency matters, with a focus on real estate and construction. The work comes under the banner of the firm’s dispute resolution and debt collection department, and is overseen by Nazlı Dereli Oba, Medet Çınar and Hüseyin Dikme.

Practice head(s):

Nazli Dereli Oba; Medet Cinar; Huseyin Dikme


Key clients

Karadeniz Holding


Uzman Excavation Real Estate Construction


İzlog Transportation


Keban Integrated Meat


Koza Construction guarantees


Alcas Metal


Enerco Energy


Residential Textile


Reality World Real Estate Services Inc.


Tink Education Services and Consulting Joint Stock Company


Work highlights


  • Advised GE entities on the negotiation and execution of the financial restructuring agreement of $800m and security agreements.
  • Advised Garanti-Koza Construction on a dispute regarding the annulment of execution proceedings.
  • Acted for Garanti-Koza Construction in a dispute related to the annulment of the execution proceeding initiated for enforcement of mortgages established on 380 immovable properties.