Restructuring and insolvency in Turkey

ASC Law Office

ASC Law Office's practice bring together notable team members, including Okan Beygo and Levent Yetkil, who earn plaudits for their ‘extensive knowledge’. Acting regularly for both borrowers and lenders, the team is regularly involved in significant restructurings and refinancings, of late, advising Ziraat Bank on the Türkcell Shareholding Restructuring. Former partner Denel Balcı left the firm in 2021.

Practice head(s):

Okan Beygo; Levent Yetkil


‘Perfect harmony between team members – precise coordination of interdisciplinary issues – good follow-up – flexible and dedicated.’

‘Extensive knowledge of related matters and legislation – thinking out of the box and providing creative solutions through alternative approaches, and always positive!’

I should especially mention Okan Beygo who did a great job.’

Key clients

T.C. Ziraat Bankası A.Ş.

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

Unicredit Bank AG (German)

Türkiye Halk Bankası A.Ş.

Çelik Motor Ticaret A.Ş.

Work highlights

  • Represented both the Sovereign Wealth Fund of Turkey, and Ziraat Bank, lead arranger, on a $2bn plus financing.
  • Represented the German Unicredit Bank, the lead Arrangerl, along with several Turkish financial institutions in the high-value restructuring of the debt load of a large Turkish construction company.
  • Advised Halk Bank, as the lead arranger of a lending consortium of 12 financial institutions, on a high-value restructuring of the debt of a Turkish industrial firm, involving both restructured and new financing.

Esin Attorney Partnership, a Member Firm of Baker McKenzie Inter

Well known for covering the financial, dispute management and insolvency aspects of restructuring for an impressive roster of clients, the practice at Esin Attorney Partnership, a Member Firm of Baker McKenzie International, a Swiss Verein advises on bankruptcy, reorganisations and debt restructuring matters. Muhsin Keskin, head of the banking and practice department, heads the practice alongside Koray Söğüt and Yalın Akmenek, who jointly head the firm's disputes practice. Recent highlights include advising Özgörkey Holding and Etapak Baskı Ambalaj San. ve Tic on the restructuring of their financial indebtedness to Turkish banks and financial institutions, which amounts to $200m.

Practice head(s):

Muhsin Keskin; Koray Söğüt; Yalın Akmenek

Key clients

Lucas Elektrik Sanayi ve Ticaret A.Ş

Me-Sa Otomotiv Sanayi ve Ticaret A.Ş.

Eray Makine Ticaret ve Sanayi A.Ş.

Özel Kent Sağlik Hizmetleri ve Malzemeleri Sanayi Ticaret A.Ş.

VR Capital


Ortaköy Aparts Otelcilik A.Ş.

Çakmaklı Otelcilik A.Ş.

Sefaköy Aparts Otelcilik A.Ş.

TCP Petcoke Corporation

Abraaj Credit B.V.

Özcan Tahincioğlu

Tahincioğlu Gayrimenkul İnşaat ve Turizm Anonim Şirketi

Kozken İnşaat Taahhüt ve Turizm Anonim Şirketi

Abalıoğlu Holding A.Ş.

Özgörkey Holding A.Ş.

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.

Work highlights

  • Advising Abalıoğlu Holding A.Ş. on the restructuring of the financial obligations of its subsidiary, Er-Bakır Elektrolitik Bakır Mamulleri A.Ş.
  • Advising Abraaj Credit on a matter involving the financial and solvent restructuring of Derindere Turizm Otomotiv Sanayi ve Ticaret A.Ş., a Turkish company to which Abraaj Credit B.V. provided a loan.
  • Advised VR Capital on the acquisition of the loan and restructuring of the financial obligations of Multi Properties in relation to €482m provided to finance the development of the Marmara Forum Shopping Mall.

GKC Partners (in professional association with White & Case)

One of the leading players in the restructuring market in Turkey, GKC Partners (in professional association with White & Case) has a solid track record primarily representing lenders in large-scale restructurings carried out in the domestic financial sector. Notable highlights include handling the financial restructuring of four Turkish premier league football clubs; Beşiktaş, Fenerbahçe, Galatasaray and Trabzonspor, totalling $1.1bn. Güniz Gökçe and Ateş Turnaoğlu jointly head the practice.

Practice head(s):

Güniz Gökçe; Ateş Turnaoğlu

Key clients

Yapı ve Kredi Bankasi A.S.

Akbank T.A.Ş.

Aktif Yatırım Bankası A.Ş.

Alternatifbank A.Ş.

Burgan Bank A.Ş.

DenizBank A.Ş.

Fibabanka A.Ş.

HSBC Bank A.Ş. İzmir Corporate Branch


Odea Bank A.Ş.

Pasha Yatırım Bankası A.Ş.

Şekerbank T.A.Ş.

T.C. Ziraat Bankası A.Ş.

Türkiye Garanti Bankası A.Ş.

Türkiye Halk Bankası A.Ş.

Türkiye İş Bankası A.Ş.

Türkiye Sınai Kalkınma Bankası A.Ş.

Türkiye Vakıflar Bankası T.A.O.

Türkiye Sınai Kalkınma Bankası A.Ş.

European Bank for Reconstruction and Development

DenizBank A.Ş.

İç Anadolu Doğalgaz Enerji Üretim ve Ticaret A.Ş.

Work highlights

  • Represented the lenders in the financial restructuring of Beşiktaş, Fenerbahçe, Galatasaray and Trabzonspor, with a total transaction size of $1.1bn.
  • Represented Yapı ve Kredi Bankasi and a syndicate of 17 other lenders led by Yapı ve Kredi Bankasi, in relation to the restructuring of the existing financial debt of Arkas.
  • Acted as Turkish and English legal counsel to the lenders for the restructuring of the existing debt of İdo İstanbul Deniz Otobüsleri Sanayi ve Ticaret A.Ş. (İDO).

Hergüner Bilgen Üçer Attorney Partnership

Hergüner Bilgen Üçer Attorney Partnership has a strong presence in the market in part due to its expertise in a wide variety of work, with particular prowess handling the restructuring and refinancing of infrastructure projects, corporate restructuring, debt and loan restructuring projects as well as contentious matters representing both debtors and creditors. Key practitioners include Kayra Üçer, who has significant experience handling the liquidation of assets, corporate restructuring, and capital increases, and banking head Piraye Kuranel Başol.

Practice head(s):

Kayra Üçer; Piraye Kuranel Başol

Key clients

Tümad Madencilik Sanayi and Ticaret A.Ş., Nurol Holding A.Ş.

Holding Internationale de Boissons

Hewlett-Packard Enterprise (HPE)

Wafra Capital Partners, Inc.

ING Bank

Work highlights

  • Assisted Wafra Capital Partners with refinancing and restructuring for the Terracity shopping centre.
  • Assisted in the refinancing of Tümad Madencilik Sanayi ve Ticaret’s gold mines.
  • Assisted in the restructuring of four major healthcare PPP projects.


Paksoy's 'technically strong' team has ‘deep knowledge and extensive experience in debt restructuring’, corporate restructuring and bankruptcy proceedings. The practice's expertise also encompasses refinancing of bank debt with alternative funding such as capital markets. Sera Somay, who is particularly skilled in handling debt restructuring, debt collection proceedings and bankruptcy proceedings, and capital markets specialist Ömer Çollak are the key contacts in the team, which of late has been specially active in the aviation, banking, construction and engineering, food and beverages, and energy sectors.

Practice head(s):

Ömer Çollak; Sera Somay


‘The team at Pasksoy is extraordinarily professional, and technically strong with outstanding collaboration and communication skills.’

‘The individuals at Paksoy are top tier professionals. Specifically, Sera Somay was instrumental in all aspects of the project. She articulately explained all aspects relevant to Turkish law to the client and ourselves. She was timely with her advice and she made herself available whenever necessary. I would highly recommend her and the firm to anyone requiring advice from Turkish counsel.’

‘Deep knowledge and extensive experience in debt restructuring and collaterals.’

‘The Paksoy finance team is high calibre. The teams includes excellent lawyers and communicators who really know how to explain the specifics of the Turkish market to international investors and help investors to navigate the market.’

‘Sera Somay really stands out as a personable, collaborative lawyer who really knows the banking and finance market. She is supported by an excellent team of junior and mid-level lawyers who she carefully guides to produce very high-quality work. Sera takes client relationships seriously and provides excellent legal and transactional support.’

‘Sera Somay – very responsive and solution-oriented.’

Key clients

Anadolu Efes

Citadele Banka

Limak İskenderun

Standard Profil Automotive

Akol Law

Akol Law has the ability to represent both domestic and foreign clients in numerous restructuring and insolvency matters from every angle, from financial restructuring – an increasing area of work for the team – to corporate restructuring and insolvency proceedings. Key members of the team include Meltem Akol and Tuğçe Tatari. Ömer Gökhan Özmen, Güneş Yalçın and Damla Keskin Şerbetcioğlu have moved to ÖzmenYalçin.

Practice head(s):

Meltem Akol; Tuğçe Tatari

Key clients





Yapı Kredi


General Electric (“GE”)

Syneos Healthcare

Coty, Inc

İş Girişim – Tatilbudur

Work highlights

  • Represented Yapı ve Kredi Bankası and Türkiye Halk Bankası in the restructuring of Çan2 Termik’s existing loans of an approximate amount of €210m.
  • Advised Galatasaray on the execution of a restructuring agreement for its present financial obligations.
  • Advised the lenders (İş Bankası, Denizbank, Garanti Bankası, Halk Bankası, Vakıfbank ve Ziraat Bankası) on the restructuring regarding the loans provided to Çelikler Group regarding the acquisition of Seyitömer Coal Power Plant amounting to approximately $1.35bn.

Balcioglu Selçuk Ardiyok Keki

Balcioglu Selçuk Ardiyok Keki's practice covers the gamut of insolvency and restructuring matters, showing a particular strength in credit risk management, cross-border restructurings, debtor representation, as well as in insolvency, litigation, mediation, and safeguard proceedings. Günhan Yalçın, who is highly experienced in domestic and cross-border debt finance transactions; Barlas Balcıoğlu, Selim Keki, Doğan Eymirlioğlu, Semih Sander, and Galip Selçuk, who frequently advises management and stakeholders on distressed M&A and corporate restructurings, are the standout names.

Practice head(s):

Galip Selçuk; Barlas Balcıoğlu; Selim Keki; Doğan Eymirlioğlu; Semih Sander; Günhan Yalçın


‘Focus on solutions rather than conflict for the sake of it.’

‘Knowledgeable, prompt and efficient, extremely professional and efficient in all engagements and dealings, good technical knowledge and is particularly good at insolvency, M&A, restructuring and financial professional negligence cases.’

‘The team has a lot of experience. They are lean and agile and also solution oriented.’

‘They offer all the data that will be useful for you to decide for a solution in a simple and understandable language.’

‘The firm is very competent.’

‘Fair pricing.’

‘Very good co-operation, good qualification.’

Key clients


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


Intertrust Group

IDO Istanbul Deniz Otobüsleri

CIFTCI Attorney Partnership in association with Clifford Chance

CIFTCI Attorney Partnership in association with Clifford Chance is a popular choice for corporates, private equity investors and international banks. Sait Eryilmaz, promoted to partner in January 2021, heads the practice and is highly adept at finance transactions, with a good track record in restructuring, refinancing and insolvency matters with a specific focus on the energy and infrastructure sectors. Other areas of expertise include finance, regulation, real estate, and derivatives.

Practice head(s):

Sait Eryılma

Key clients



Yapı Kredi




DURUKAN+PARTNERS specialises in the restructuring of secured and unsecured financing - mainly on the borrower side - bankruptcy and insolvency. Banking and finance specialist Begüm Durukan, who is praised for his ‘client-focused’ approach, heads the department. Recent highlights include assisting Emaar in the restructuring of the $500m loan facility for the financing of the Emaar Square Project.

Practice head(s):

Begüm Durukan


‘Generally, first point of contact is partner. Work is well researched and accurate. The Firm has a willingness to assist in non-core areas (for example translation) if necessary, and general “can do” attitude.’

‘We work with Partner Begüm Durukan Özaydin, who works hard to meet deadlines and is client focussed.’


Key clients

Ojer Telekomunikasyon A.S. (OTAS)

Emaar Properties PJSC

Emaar Properties PJSC

Letterone Technology Limited

Perini Navi S.p.A.

Alimentation Couche-Tard

Europe Arab Bank

Work highlights

  • Advised Ojer Telekomunikasyon (OTAS) in the restructuring of OTAS’ $5.2bn debt to lenders including major Turkish and foreign banks.
  • Advised Emaar in the restructuring of the $500m loan facility for the financing of Emaar Square Project.
  • Advised LetterOne in certain restructuring and shareholding issues and concepts of capital markets laws as they may apply to Turkcell.

Egemenoglu Law Firm

Egemenoglu Law Firm's restructuring and insolvency practice earns plaudits for its ‘powerful technical knowledge’ and is jointly headed by Yunus Egemenoğlu and Turan Doğan. The team is known for being one of the first departments to focus on the use of Concordatum procedure, an option for distressed companies in search of certain protection. Dilek Gürsan, head of the litigation group, brings additional expertise to the practice, which is also a frequent presence before the local bankruptcy courts, representing both creditors and debtors.

Practice head(s):

Yunus Egemenoğlu; Turan Doğan

Other key lawyers:

Dilek Gürsan


Egemenoglu has powerful technical knowledge. They have very experienced team.’

‘Yunus Egemenoglu is one of the most experienced and credited lawyers in the market especially on the restructuring practice. His presence elevates the motivations of parties to close deals.’

Key clients

DRD Fleet Leasing

TACA Construction


Ferko Yapı


Pakpen Group


Elimsan Switchgear

Hun Holding

Çiftçiler Holding

Gilan Mücevher Ticaret

Hotiç Ayakkabı

Marinsa Shipping

MCT Yatırım Holding


Yeşil Foot Ware

Dati Yatırım Holding A.Ş. and its subsidiary, Ataköy Marina A.Ş

Elexus Hotel Resort Casino

Work highlights

  • Representing a company in the Turkish retail sector regarding its refinancing and debt restructuring project in the amount of $250m.
  • Represented DRD Fleet Leasing regarding the refinancing and restructuring of its €570m of debt held by numerous financial institutions.
  • Representing a company in the Turkish tourism sector in a refinancing project in relation to its debt restructuring of $230m.

Moroglu Arseven

Moroglu Arseven advises on all stages of financial distress, including contentious restructuring and insolvency, areas supported by the firm's corporate, dispute resolution, employment and tax practices. The team headed by Benan Arseven and Seyfi Moroğlu, covers debt restructuring, enforcing securities, distressed M&A, as well as advising secured and unsecured creditors on their rights. Burcu Tuzcu Ersin, and disputes specialist Burak Baydar are other names to note.

Practice head(s):

Benan Arseven; Seyfi Moroğlu

Other key lawyers:

Burcu Tuzcu Ersin; Burak Baydar

Ersoy Bilgehan Lawyers & Consultants

Zihni Bilgehan, Ergun Ersoy, and Emre Ersoy head the practice at Ersoy Bilgehan Lawyers & Consultants, which handles company restructuring, debt restructuring and liquidation procedures, both at a domestic and international level. Other areas of expertise include bankruptcy litigation and enforcement proceedings. The team's client roster includes major banks and financial institutions, including Hamburg Commercial Bank, Deutsche Bank, European Bank of Reconstruction and Development and Credit Suisse.

Practice head(s):

Zihni Bilgehan; Ergun Ersoy; Emre Ersoy


‘We work closely with the EB team in banking, (ship) finance and restructuring mandates and always appreciate their responsiveness and the thoroughness in their legal work!’

Key clients

Chailease International Financial Services

Hamburg Commercial Bank AG

European Bank of Restructuring and Development


Amsterdam Bank

Deutsche Bank AG

Credit Suisse AG

Minsheng Financial Leasing Corp.

Ekol Lojistik A.Ş

ICBC Financial Leasing

Credit Suisse

Dekabank Deutsche Girozentrale

AVIC Financial Leasing

Bank of Communications Financial Leasing Co., Ltd.

Huarong Financial Leasing

ICBC Financial Leasing

Work highlights

  • Advised Hamburg Commercial Bank AG on the transfer of the loan portfolio of a Turkish shipping group involving multiple cross-collateralised securities over multiple jurisdictions.
  • Advised Alternative Tasimacilik on the restructuring and re-securitisation of the loan provided by the European Bank for Reconstruction and Development.
  • Advised Minsheng on the sale-and-leaseback of multiple commercial vessels to provide financing to a Turkish shipping group for restructuring and re-sourcing previous liabilities.

Tunc Firat Dereli Attorney Partnership

Tunc Firat Dereli Attorney Partnership has restructuring and finance expertise across a full spectrum of products and structures. The team, which is led by Hüseyin Dikme, Medet Çınar and Mahmut Fırat, is regularly retained by corporate debtors and insolvency practitioners and other stakeholders in a debtor's capital structure, including banks, bondholders and financial sponsors, in addition to funds and companies looking to invest in or acquire a distressed business.

Practice head(s):

Hüseyin Dikme; Medet Çınar; Mahmut Fırat

Key clients

Ge Global Parts & Products Gmbh, Ge Solutions W.L.L.

Garanti Koza Construction

Acacia Mining

Kılıç Ambalaj ve Matbaacılık

Alcas Metal Sanayi A.Ş

Keban Integrated Meat

ASN Design

T.C. Vakıflar Bank

Turaç Textile

Pozitif Construction

Beta Yapı Sanayi

Gül-al Automotive

Özlem Ekin Akbulut Automotive

Tink Education

Renklerin Education

Dijital College

Work highlights

  • Advised General Electric, as the creditor, on GAMA Group’s $890m debt restructuring subject to enhanced out-of-court debt restructuring scheme.
  • Acted for Garanti Koza in the insolvency proceedings and coordinated meetings with the creditor financial institutions and other creditors.
  • Advised Acacia Mining on the restructuring of the junior facility in line with the restructuring of the senior facility.

YBK Law Firm in Cooperation with CMS

YBK Law Firm in Cooperation with CMS has strong credentials advising on market exits from Turkey, putting to use the wider firm's corporate/M&A, employment and disputes expertise. The department is also a preferred choice for financial restructurings, an area where Alaz Eker Undar leads. Practice head Döne Yalcin is particularly experienced in advising on restructuring and reorganisation matters.

Practice head(s):

Döne Yalçın

Other key lawyers:

Alaz Eker Undar

Key clients

Denizbank A.Ş.

Work highlights

  • Advising a consumer products client on its exit from the Turkish market.
  • Advising a global technology leader on its restructuring and liquidation process related to Turkey.
  • Advising a client on its financial restructuring to achieve financial stability as a result of the pandemic.