Restructuring and insolvency in Turkey

ASC Law Office

ASC Law Office has a strong offering in debt restructuring, advising on the lender and borrower side of refinancings and restructurings. Clients include corporate borrowers and a number of major Turkish bank lenders. The  broad team is led by Okan Beygo, who advises on loan restructurings and refinancings, alongside banking and capital markets specialist Denel Balcı Kırali, and project finance-focused pair Levent Yetkil and Denel Balcı, who focus on oil and gas projects and banking legislation respectively.

Practice head(s):

Okan Beygo; Denel Balcı Kırali; Levent Yetkil; Ela Sarı

Key clients



Deutsche Bank

European Bank for Reconstruction and Development

T.C. Ziraat Bankası

T. Garanti Bankası

T. İş Bankası

Türkiye Sınai Kalkınma Bankası

Vakıflar Bankası

Yapı ve Kredi Bankası

AG Anadolu Grubu Holding

Akfen Yenilenebilir Enerji

Akfen Holding

Aslancık Elektrik Üretim

Doğan Şirketler Grubu Holding

Doğuş Enerji Yatırımları

Doğuş Holding

Work highlights

  • Advised a corporate borrower on the negotiation of fresh terms for existing financing facilities.
  • Advised a corporate borrower on a complex structure, including acquisition finance, together with the refinancing of an existing loan.
  • Advised Yapi ve Kredi as lender on the restructuring of a facility provided to Akenerji Elektr.

Esin Attorney Partnership, Member of Baker & McKenzie Internatio

With an impressive portfolio of international banking and financial services clients, Esin Attorney Partnership, Member of Baker & McKenzie International handles large-scale debt restructurings, and corporate bankruptcy and reorganisation matters relating to domestic and cross-border business operations and loans. Most notably, the firm has been advising Abraaj on Turkish elements of the high-profile liquidation of the private equity client. The team is led by banking and finance head Muhsin Keskin, corporate disputes leaders Koray Söğüt and Yalın Akmenek, and Ismail Esin, an in-demand arbitrator and disputes-focused practitioner.

Practice head(s):

Muhsin Keskin; Koray Söğüt; Yalın Akmenek; İsmail G. Esin


‘Strong knowledge of local practices, leverage international network quickly when necessary, excellent interpersonal skills at difficult times and good partner involvement ’

‘The team is ready for duty any time you need. They answered questions in detail and meticulously as quickly as possible.’

‘Business follow-up was strong. They are knowledgeable and hard workers.’

‘They are experienced, reachable and practical and have completed large number of sizable deals successfully’

‘Muhsin Keskin is one of the best legal advisers I have worked with. His approach is result oriented, friendly and wise.’


Key clients




Overseas Private Investment Corporation (OPIC)


Hattat Holding

Hema Endüstri

Lucas Elektrik

Yaşar Holding

Abraaj Group

Acıbadem Healthcare



Work highlights

  • Advised Hattat Group on the restructuring of Hema Automotive Group’s financial obligations, totaling €180m.
  • Advised BNP Paribas on the restructuring, novation and transfer of €106.44m and $62.5m term loan facilities provided to Acıbadem Sağlık Yatırımları Holding.
  • Advised Credit Suisse AG on the restructuring, novation and transfer of a $53.2m term loan facility provided to Acıbadem Sağlık Yatırımları Holding.

GKC Partners (in professional association with White & Case)

GKC Partners (in professional association with White & Case) is highly active in financial restructuring work, handling large-scale mandates in the financial sector, including complex syndicated loan and mezzanine financing matters. The firm also acts for corporate borrowers, but predominantly represents lenders in debt restructurings, refinancings, and concordatum insolvency proceedings. The team is led by Güniz Gokce, a specialist in Turkish financial restructuring law, as well as US and UK-based bankruptcy proceedings, alongside the 'dedicated' Ateş Turnaoğlu, who works on a variety of financial restructuring matters.

Practice head(s):

Güniz Gökçe; Ateş Turnaoğlu


The GKC team is comprised of experienced and competent professionals with extensive experience. I believe that they are one of the most commercially and solution minded teams in the Turkish market.

From associates to the partners, the team is always accessible and ready to provide any assistance required even if it is not within their scope. Ateş Turnaoğlu is one of the most experienced lawyers in the Turkish market and this helps to speed up the transaction reaching financial closing. He is very knowledgeable of applicable laws and regulations, follows legal updates and informs his clients how such updates affect their interests.

Ates Turnaoglu is the individual we mostly work with. He is dedicated to his tasks and full of energy, with capacity to handle all issues . We are glad of his co-operative approach.

The GKC team is very attentive to their clients’ questions and needs. They are articulate in their answers and recommendations, laying down the legal risks and rewards clearly.

GKC has young lawyers who have lots of energy and ambition to close multi-party and difficult deals. They can work 24/7 when it is needed and always try to deliver the best results in the shortest amount of time possible.

Besides being analytical, attentive, perfectionist and dynamic the firm has a good reputation in the market so that they inspire trust in all parties. They do not end their service with the contract limitations and always try to find mutual solutions in billing.

Key clients

Ziraat Bankası



İş Bankası

Yapı Kredi


Garanti Bank


Aktif Yatırım Bank


Burgan Bank



Odea Bank

Pasha Yatırım Bank


Turkland Bank

Halk Bank

İç Anadolu Doğalgaz Enerji


Kuveyt Türk


Work highlights

  • Represented Yapı ve Kredi Bankasi and a syndicate of 18 other lenders led by the client in relation to the restructuring of the existing financial debt of a conglomerate in the marine shipping and transportation industry.
  • Representing Astaldi in connection with its restructuring discussions with Turkish banks within the framework of the ongoing concordato proceedings in Italy.
  • Represented Turkish banks in the restructurings of 18 football clubs playing in the Turkish premier league.

Hergüner Bilgen Özeke

Hergüner Bilgen Özeke works on a diverse range of restructuring and insolvency cases, including traditional corporate insolvencies and bankruptcy litigation, alongside debt and loan restructuring on behalf of lenders, including international banks and equity investors. The firm also specialises in the restructuring and insolvency elements of  distressed M&A and concordatum issues. Key team members include experienced commercial litigator Tolga Danışman, M&A team head Kayra Üçer,  Ufuk Yalçın, who handles commercial and banking-based disputes, including debt restructuring and recovery, as well as advising on corporate restructurings, and banking head Piraye Kuranel Başol.

Practice head(s):

Ümit Hergüner; Tolga Danışman; Kayra Üçer; Piraye Kuranel Başol; Ufuk Yalçın; Yeşim Api Şamlı; Deniz Tuncel

Key clients

St Martins Şişli Gayrimenkul

Tümad Madencilik

Nural Holding

Holding Internationale de Boissons

Hewlett-Packard Enterprise (HPE)

Wafra Capital Partners

ING Bank

Venue Istanbul

Work highlights

  • Represented Reynaers Aluminium before the Commercial Court of first instance regarding the suspension of a bankruptcy lawsuit.
  • Representing St. Martins in personal injury cases relating to its shopping centre, concordatum and bankruptcy cases, and labour disputes.
  • Advised Wafra Capital Partners on the  refinancing and restructuring of the Terracity shopping centre project.


Paksoy has standout expertise acting for lenders, advising a significant number of major international banking and financial services clients, including the EBRD and World Bank, on high-value debt restructuring, recovery, and refinancing matters. The team also advises corporates and borrowers on  reorganisations, debt restructurings, and bankruptcy proceedings. The team is led by Sera Somay, a specialist in banking and finance-related restructurings, bankruptcies, and debt investments,  Elvan Aziz, who handles corporate restructuring matters, and capital markets leader Ömer Çollak. Counsel Şansal Erbacıoğlu handles tax and other fiscal issues, while senior associate Doğuhan Uygun is an active commercial litigator.

Practice head(s):

Elvan Aziz; Ömer Çollak; Sera Somay

Other key lawyers:

Şansal Erbacıoğlu; Doğuhan Uygun 

Key clients

Citigroup Global Markets, DBS Bank, HSBC

Döktaş Dökümcülük

Insol International

Milli Reasürans Türk

World Bank Group

Work highlights

  • Advised Citigroup Global Markets, DBS Bank, HSBC as joint bookrunners on Mersin Port’s $600m Eurobond issue.  
  • Represented Döktaş Dökümcülük in connection with follow up claims by the client from the bankruptcy estate of Componenta BV in cooperation with Wiersma Mensonides.
  • Advised EBRD on the restructuring of a TL60m Private Sector Debt Instrument issued by AE Arma Elektropanç.

Pelister Atayilmaz Enkur Law Office

Pelister Atayilmaz Enkur Law Office has a strong focus on restructuring work, with notable capabilities across areas including distressed debt, non-performing loans, and financial restructurings. Key clients include local corporate borrowers, and international financial institutions acting as lenders. Lead partner Kerim Pelister is a specialist in restructuring law on both the corporate and financing side, and is adept in acting for international clients. Gökhan Enkür takes the lead on corporate restructurings, distressed transactions, and spin-outs, including a number of cross-border arrangements, while Fazil Ciftci focuses on foreclosure and bankruptcy proceedings.

Practice head(s):

Kerim Pelister; Fazil Ciftci; Gokhan Enkur

Key clients


QNB Finansbank

Vitus Commodities

RCT Asset Management Company

Yapi Kredi Bank

Yapi Kredi Leasing


QNB Finans Finansal Kiralama

Türkiye Halk Bankası

Work highlights

  • Advised Sekerbank on the sale of a TRY150m non-performing loan portfolio, consisting of SME loans.
  • Advising QNB Finansbank on the sale of a approximately TRY960m non-performing loan asset portfolio.
  • Advising Vitus Commodities on new agreements with its suppliers and customers.

Akol Law

Akol Law acts in a wide range of restructuring and insolvency-related matters, including corporate insolvencies and debt restructurings, wide-ranging business restructurings, including the creation and dissolution of subsidiaries, debt purchases, and representation of creditors. In line with the firm's wider capabilities, the team acts for a number of international bank lenders, as well as several major domestic and foreign businesses, As a broad practice, the team is overseen by corporate and transactions-focused Meltem Akol and Tuğçe Tatari, as well as the banking and finance team of Ömer Gökhan Özmen and Güneş Yalçın.

Practice head(s):

Meltem Akol; Ömer Gökhan Özmen; Güneş Yalçın; Tuğçe Tatari


‘The team brings a very helpful and practical approach to legal issues from a Turkish perspective. They provide an excellent and responsive service.’

‘Great execution capacity, very prompt with requests, hard-working, diligent and very professional. Gökhan is very good in his field, we fully trust his expertise.’

‘Gökhan is very open with communication. He is always available and ready to help. He is also actively working on the projects, not just supervising associates, which in my opinion is the main differentiation point.’

Key clients





Yapı Kredi


Work highlights

  • Advised  Galatasaray on the execution of a restructuring agreement for its present financial obligations with Aktifbank, Denizbank and Ziraat Bankası and certain other third parties.
  • Advised a major international client on the formation of an entity in Turkey for the establishment of cyber security and aviation business set-ups as part of a major global restructuring.
  • Advised a major US business on its corporate restructuring and the potential sale of its healthcare business in Turkey as part of a major global restructuring.

Balcioglu Selçuk Ardiyok Keki

Balcioglu Selçuk Ardiyok Keki advises a combination of domestic and international corporates, alongside banks and financial institutions, on corporate restructurings, many cross-border. It also advises on insolvency proceedings including litigation and other forms of dispute resolution, creditor and debtor issues, including credit swaps and possession financing, and distressed M&A. A notable additional area of expertise is insolvencies in the financial services sector. In line with the firm's full-service offering, many practitioners are involved in the restructuring team, with expertise ranging from financial services to regulatory issues, to real estate. Key names include Galip M. SelcukBarlas BalcıoğluSelim KekiDoğan EymirlioğluSemih Sander, and Günhan Yalçın.

Practice head(s):

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

Key clients

Schott AG

ODDO BHF Aktiengesellschaft

Northstar Europe

Yapı ve Kredi Bankası

Islamic Corporation for the Development of Private Sector (ICD)

TOLL Global Logistics

Perkins Engines


Intertrust Group

Work highlights

  • Advising and representing Schott AG in the bankruptcy proceedings of İmaretçioğlu İlaç.

CIFTCI Attorney Partnership

CIFTCI Law Firm works on a number of high-profile restructurings, acting for international bank lenders, private equity investors, financial institutions and some corporate borrowers. As part of the Clifford Chance network, the team regularly advises on complex international matters, including full-scale corporate insolvencies, debt restructurings, and secondary financings. The team is led by banking and finance specialist Sait Eryilmaz.

Practice head(s):

Sait Eryılmaz

Key clients

Garanti BBVA

Yapı Kredi

Work highlights

  • Advising senior lenders to Yörsan, a Turkish dairy production group, in relation to the group’s cross border insolvency and bankruptcy process.
  • Advising the offshore senior lenders to Hema, a Turkish automotive group, in relation to the group’s debt restructuring.


DURUKAN+PARTNERS handles corporate restructuring, liquidation, bankruptcy, and loan restructuring matters, primarily for international corporate borrowers active in Turkey, alongside some lender-side work. Matters include high-value loans, the reconstitution of Turkish subsidiaries, and contentious issues relating to workforce restructuring and regulatory compliance. The team is led by Begüm Durukan Özaydin, who works with banking and corporate clients, and is dual-qualified in New York, allowing her to act in cross-border and multijurisdictional cases, alongside Hikmet Fadillioglu, who focuses on corporate and commercial work.

Practice head(s):

Begüm Durukan Özaydin; Hikmet Fadillioglu

Key clients

Ojer Telekomunikasyon

Oger Telecom

Emaar Properties PJSC

Ansaldo Energia

Letterone Technology

Work highlights

  • Advice to Ojer Telekomunikasyon, majority stakeholder in Turk Telekom, as well as its stakeholder Oger Telecom, in the restructuring of OTAS’ $5.2bn debt to lenders including major Turkish and foreign banks.
  • Advice to LetterOne, indirect shareholder in Turkcell (Turkey’s leading GSM operator), on certain restructuring and shareholding issues and concepts of capital markets laws as they may apply to Turkcell.
  • Advised LyondellBasell in connection with Turkish law matters relating to its restructuring of its Turkish workforce following its global acquisition of A.Shulman.

Egemenoglu Law Firm

Egemenoglu Law Firm has a strong record handling business insolvencies, representing debtors and creditors before bankruptcy courts, and maintains strong relationships with Turkish banks through experienced practice co-head Yunus Egemenoğlu. Most notably, the firm regularly assists businesses in attaining quasi-bankrupt status through Turkey's relatively new concordatum procedure, granting them protection from creditors during long-term bankruptcy cases. Clients include a number of major Turkish businesses facing financial difficulties following the economic downturn. Turan Doğan co-heads the team.

Practice head(s):

Yunus Egemenoğlu; Turan Doğan

Key clients

DRD Fleet Leasing

Gilan Mücevher

Hotiç Ayakkabı

Keskinoglu Group

Marinsa Shipping

MCT Yatırım Holding


Yeşil Foot Ware

Work highlights

  • Represented Viatrans in a creative restructuring of a failed $700m joint financing of a luxury construction project in Istanbul.
  • Advised DRD Leasing on its use of a new concordatum procedure, in which it acquired quasi-bankrupt status, and thus protection against creditors, under the auspices of Turkish bankruptcy courts.
  • Advised Keskinoğlu Poultry and Breeding on acquiring creditor protection under the concordatum procedure.

Moroglu Arseven

Moroglu Arseven provides clients with corporate and banking expertise, allowing it to act on both sides of restructuring mandates for both creditors and debtors in the case of loan restructurings, and for businesses and bank lenders in the case of corporate restructurings, distressed M&A and refinancings. The team is further supported by its disputes, tax, and employment practices, providing a broad offering to clients. The team is led jointly by senior partners E. Benan ArsevenSeyfi Moroğlu, and Burcu Tuzcu Ersin.

Practice head(s):

E. Benan Arseven; Seyfi Moroğlu; Burcu Tuzcu Ersin

Ersoy Bilgehan Lawyers & Consultants

Ersoy Bilgehan Lawyers & Consultants acts for both borrowers and lenders on bankruptcy litigation, enforcement proceedings, and liquidation proceedings. Alongside the firm's traditional focus on shipping clients, it has increasingly expanded its portfolio of bank lenders, particularly European clients, and its share of debt restructuring work. The team is led by senior partner and barrister Zihni BilgehanErgün Ersoy, and Emre Ersoy.

Practice head(s):

Zihni Bilgehan; Ergün Ersoy; Emre Ersoy


‘Emre Ersoy is a committed legal advisor who gets to the bottom of legal issues and communicates them very comprehensively. ’

‘Responsive team, which is important for restructuring deals.’

‘Emre Ersoy and Zihni Bilgehan have been prompt and helpful advisors.’


Key clients

Hamburg Commercial Bank

European Bank of Restructuring and Development

DVB Bank

Amsterdam Bank

Deutsche Bank

Credit Suisse

Caterpillar Financial OOO

Ekol Lojistik

Alternative Tasimacilik

Credit Suisse

Dekabank Deutsche Girozentrale

Work highlights

  • Advised Hamburg Commercial Bank on the restructuring of loan facilities provided to Ince Shipping group for the acquisition of commercial vessels.
  • Advised the European Bank for Reconstruction and Development on the restructuring of loan facilities provided to a prominent Turkish shipowner for the acquisition of commercial vessels.
  • Advised Yildirim Holding  on intervening in the bankruptcy proceedings following the court-declared insolvency of Mithas Madencilik.

YBK Law Firm in Cooperation with CMS

YBK Law Firm in Cooperation with CMS's strength lies in its ability to act in large, multi-jurisdictional corporate restructurings. It advises a wide range of major international businesses on the Turkish elements of their market exits, intragroup reorganisations, and management restructurings. The firm offers expertise in distressed M&A, employment issues, and disputes. Döne Yalcin and Alican Babalıoğlu lead the team.

Practice head(s):

Döne Yalçın; Alican Babalıoğlu

Work highlights

  • Advising a consumer products client on its lengthy exit from the Turkish market.
  • Advising a global technology leader on its restructuring and liquidation process in Turkey.
  • Advising a major consumer products company on the Turkish phase of the separation of its professional products business from the global business.