Restructuring and insolvency in Turkey

ASC Law Office

Demonstrating ‘extensive knowledge in restructuring and insolvency’, ASC Law Office’s strong presence in the area is reflected in its broad client roster. The group acts for a myriad of local and foreign debtors and banks on contentious and out-of-court restructurings, with its debt structuring and dispute resolution departments frequently acting in tandem to provide cross-practice advice. Co-founding partner Okan Beygo leads the debt structuring team and also steers the restructuring and insolvency practice with support from finance partner Levent Yetkil, who is noted for his experience in domestic and cross-border cases.

Practice head(s):

Okan Beygo; Levent Yetkil

Other key lawyers:

Merve Mert


‘ASC is very experienced and skilled in this area. The team can focus on the key matters for the client and has the capability to come up with warnings, alternatives or mitigations so that parties can find a common ground on legal matters.’

‘Levent Yetkil and his team are very easy to work with. Lawyers are accessible almost 24/7, when there is time pressure and deadlines matter.’

‘We operate in many diversified sectors, which means we deal with numerous restructuring and insolvency matters. To keep things in proper order, we need a strong and reliable solution partner who may not only take the burden but also work in coherence with us. ASC Law Office’s qualities meet our needs.’

‘The particular feature that impresses us about ASC Law Office is its extensive knowledge in restructuring and insolvency.’

‘ASC Law Office is a full-service law firm, providing a large scale of legal services not limited to banking, finance and capital markets. However, in our opinion, one of their strongest suits is restructuring and insolvency.’

‘Levent Yetkil’s qualifications, education, background and client-friendly attitude are the specific attributes that impress us. Mr Yetkil and his team, which consists of very competent, highly skilled, constructive and cooperative members, have represented us in several banking and finance deals.’

‘What sets ASC apart is its specialised team in banking and finance, which provides exceptional insights and innovative solutions. Lawyers excel in tackling intricate legal hurdles and they effortlessly adapt to evolving legal environments.’

‘ASC stands out for its prompt, responsive, and accessible services, providing tailored solutions aligned with clients’ commercial interests. ASC’s core strength lies in its specialised debt restructuring team, which offers unique insights and solutions.’

Key clients

Türkiye Sınai Kalkınma Bankası A.Ş.1

Yapı ve Kredi Bankası A.Ş.

Türkiye Garanti Bankası A.Ş.

Boyabat Elektrik Üretim ve Ticaret A.Ş.

Aslancık Elektrik Üretim A.Ş.

Work highlights

  • Represented a private Turkish bank, as the facility and security agent, and a consortium of 11 other Turkish banks and one foreign bank, in the debt restructuring of one of Turkey’s largest conglomerates and its group of over 40 companies.
  • Acted as local counsel to a UAE-based bank on a $400m unsecured term-loan facility extended to a Turkish company.
  • Advised a group of affiliated companies, controlled by one of the largest conglomerates in Turkey, on a significant debt restructuring due to a partial spin-off.

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

Ranking among the largest practices in the market, Esin Attorney Partnership, a Member Firm of Baker McKenzie International, a Swiss Verein’s 25-lawyer-strong restructuring and insolvency group is equipped to advise across the full range of judicial and out-of-court proceedings. Routinely engaged by major Turkish and international banks and debtors, it also stands out for its formidable cross-border firepower. Banking and finance specialist Muhsin Keskin co-heads the department together with seasoned litigator Yalın Akmenek. The group additionally includes litigator Koray Söğüt and UK-qualified finance specialist Simon Morgan, who recently relocated from the Moscow office of affiliate Baker McKenzie. Senior associate Ozan Kesim provides key support.

Practice head(s):

Muhsin Keskin; Yalın Akmenek

Other key lawyers:

Koray Söğüt; Simon Morgan; Ozan Kesim; Zeki Nizam Cebe


‘The team is equipped with advisers who possess in-the-field judicial experience. Lawyers have real-life practice of defending a case in front of the court, unlike other legal advisers who only bring a theoretical perspective. We highlight Muhsin Keskin and Yalın Akmenek.’

‘The team is very transparent on billing issues. Value for work is decent and we are happy with the cost-quality ratio. Lawyers are responsive and hands on.’

Key clients

Abraaj Capital

Global Ports Group

Global Liman İşletmeleri

Polatyol Group Companies

Polat Elektrik

Overseas Private Investment Corporation

Hattat Holding

Hema Endüstri

Hattat Tarım Makinaları Sanayi ve Ticaret

Hema Otomotiv Sistemleri

Hattat Otomotiv Pazarlama

Global Ports Holding PLC

Global Ports Holding Company

Global Yatırım Holding

Global Liman İşletmeleri

Jain International Trading

Rönenans Gayrimenkul Yatırım

Work highlights

  • 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.
  • Advised Zorlu Enerji Elektrik Üretim and Zorlu Holding on the restructuring of a $250m term loan mezzanine facility provided by Wren House Infrastructure Management.
  • Advised Türkiye Vakıflar Bankası TAO, Türkiye Halk Bankası, Türkiye Ziraat Bankası and Türkiye Garanti Bankası on the financial restructuring of the ₺1.2bn indebtedness of İTÜ ETA Vakfı Doğa Koleji.

GKC Partners (in professional association with White & Case)

A popular choice for large-scale or cross-border restructurings, GKC Partners (in professional association with White & Case)’s group is particularly dominant in energy and project-related matters. In a recent example of its practice sweet spot, the team advised the lenders (Garanti BBVA, Ziraat Bank, Yapı Kredi Bank, İş Bank, Vakıfbank and Halkbank) on the restructuring of Kangal Thermal Power Plant’s debts. The Kangal work was led jointly by Güniz Gökçe, who heads the banking and finance practice, and Ateş Turnaoğlu, who possesses an ‘extraordinary ability to understand the client’s needs’.

Practice head(s):

Güniz Gökçe; Ateş Turnaoğlu

Other key lawyers:

Aybike İplikçi; Sertaç Yüksel


‘Exceptionally forward-thinking, proactive, and committed to delivering comprehensive services. The team consistently grasps the structure of your vision and delivers precisely what you require.’

‘Its attention to detail and dedication to producing high-quality results are characteristics of the team. Lawyers’ dedication makes the deal easier.’

‘Ateş Turnaoğlu consistently demonstrates an exceptional work ethic, boasts an outstanding command of pertinent laws and regulations, and possesses an extraordinary ability to understand the client’s needs and constraints. His dedication, along with that of his team, significantly eases the entire process.’

‘Aybike İplikçi is not only approachable and highly responsive but also impressively knowledgeable.’

‘Ateş Turnaoğlu and Sertaç Yüksel from GKC Partners are extremely caring and excellent choices for collaboration.’

‘Recently we have started to work with the firm for restructuring and insolvency matters. The team’s responsiveness is amazing. Lawyers always collaborate with us to find the best approach with the authorities based on their relationships with them. The service they provide is top tier.’

‘Ateş Turnaoğlu is my key contact for cross-border transactions where we need assistance in foreign jurisdictions. I also take counselling from him on Turkish law matters as well, from time to time. He is really good at seeing the bottom line and he almost always finds a way to get to the point.’

Key clients

Garanti Bankası (Garanti BBVA)

T.C. Ziraat Bankası

Yapı ve Kredi Bankası

Türkiye İş Bankası

Türkiye Vakıflar Bankası TAO

ICBC Türkiye Bank

Türkiye Halk Bankası

Ziraat Katılım Bankası

HSBC Türkiye

Work highlights

  • Representing Garanti BBVA, Ziraat Bank, Yapı Kredi Bank, İş Bank, Vakıfbank and Halkbank, as the lenders led by Ziraat Bankası, on the restructuring of the debts of Kangal Thermal Power Plant under the financial restructuring programme.
  • Advising the lenders on the financial restructuring of Konya Şeker and Panagro Tarım Hayvancilik Gıda.
  • Representing ICBC Türkiye and ICBC Dubai on the refinancing of Optimum Ankara Shopping Mall to be made available to Kurtköy Gayrimenkul Yatırım İnsaat Turizm.

Hergüner Bilgen Üçer Attorney Partnership

The restructuring and insolvency group at Hergüner Bilgen Üçer Attorney Partnership draws on the wider firm’s top-tier offerings in energy and projects to excel in advising on the restructuring of major projects, with particularly strong activity in the healthcare sphere. The group, which strikes a balance between lender-side and debtor-side mandates, also impresses with its extensive experience in cross-border files. Key contacts include managing partner Senem Denktaş, who is recognised for her projects expertise; banking and finance specialist Piraye Kuranel Başol; and dispute resolution partner Şule Uluç.

Practice head(s):

Senem Denktaş; Piraye Kuranel Başol; Şule Uluç

Key clients

Export Development Canada

U.S. International Development Finance Corporation





The Black Sea Trade and Development Bank (BSTDB)

Deutsche Investitions- und Entwicklungsgesellschaft (DEG)

Work highlights

  • Advising a group of lenders on the Ankara Etlik Healthcare Campus project, including advising on the restructuring of the debt extended to the project company.
  • Advising a group of lenders on both the Izmir and Kocaeli Healthcare Campus projects, including advising on the restructuring of the debt extended to the project company.


Paksoy houses a thriving restructuring group that acts for debtors, creditors, sponsors and other stakeholders across a wide range of loan restructurings and insolvency proceedings. Increasingly, the full-service practice is also engaged to advise on non-performing loan (NPL) portfolios and distressed M&A transactions. Banking and finance head Sera Somay co-leads the team together with corporate and M&A head Elvan Aziz and capital markets specialist Ömer Çollak. The team also draws on a sizeable pool of counsels, including litigator Doğuhan Uygun and finance and projects-focused Zekican Samlı.

Practice head(s):

Elvan Aziz; Sera Somay; Ömer Çollak

Other key lawyers:

Doğuhan Uygun; Zekican Samlı


‘Proactive partners and a strong network, high willingness to explore new sectors, areas and opportunities.’

Balcioglu Selçuk Ardiyok Keki

The multidisciplinary practice at Balcioglu Selçuk Ardiyok Keki leans on lawyers from across its banking, corporate and litigation teams – among others – to provide comprehensive coverage of restructuring and insolvency matters. With strong recent experience in acting for both debtors and creditors, the group is also well versed in cross-border proceedings, where it can draw on the wider network of affiliate firm Dentons. Key names include banking and finance co-heads Barlas Balcioğlu and Günhan Yalçın, as well as litigator Semih Sander and corporate specialist Doğan Eymirlioğlu.

Practice head(s):

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


‘Aygül Coşkun is an outstanding lawyer with her extensive know-how and communication skills. She is reachable and responsive at all times.’

Key clients


ODDO BHF Aktiengesellschaft (BHF)

Northstar Europe

Yapı ve Kredi Bankası

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

Best known for its work with financial institutions, CIFTCI Attorney Partnership in association with Clifford Chance advised major local and global lenders on a string of debt restructurings over the past year. The team is also distinguished by its international offering and it routinely leverages the wider firm’s global network to secure roles in multi-jurisdictional matters, particularly UK-related work. Finance specialist Sait Eryılmaz spearheads the practice, while counsel Gökçe Uzun provides support.

Practice head(s):

Sait Eryılmaz

Other key lawyers:

Gökçe Uzun

Key clients

Garanti BBVA

Yapı Kredi




DURUKAN+PARTNERS’ restructuring and insolvency team sits within its wider projects, banking and finance department and is noted for its representation of borrowers and debtors. The group brings to bear particular experience in the telecoms, financial services, and energy and natural resources spheres, under the leadership of practice co-head and project finance specialist Begüm Durukan Özaydin. The team also includes corporate and commercial partner and fellow practice co-head Hikmet Fadillioğlu, as well as senior associate Damla Göksel Emiroğlu.

Practice head(s):

Begüm Durukan Ozaydin; Hikmet Fadillioğlu

Other key lawyers:

Damla Göksel Emiroğlu


‘Lawyers at Durukan + Partners are capable and thoroughly research prior to advising. They are proactive in providing advice and do so in a sound/realistic commercial context. They have assisted in negotiations with lending banks in respect of loan restructurings and in concordato procedures.’

‘We have worked primarily with the founding partner Begüm Durukan Ozaydın, together with associate Damla Göksel Emiroğlu. Both are exceptional in their availability and responsiveness, often out of normal hours. Their knowledge can also be relied upon and is excellent.’

Key clients

Emaar Properties

Letterone Group and IMTIS Holdings

Perini Navi

Europe Arab Bank

Gazprom Export LLC and ZMB Gaz Depo

Ansaldo Energia


Work highlights

  • Advising FTX Trading on the Turkish law aspects of its collapse, including advising on the Chapter 11 insolvency proceedings of FTX and its Turkish subsidiaries.
  • Representing Ansaldo Energia in the bankruptcy and concordato proceedings of Yeni Elektrik, a project company operating a gas-fired combined cycle power plant in which Ansaldo is a 40% shareholder.
  • Advising LetterOne, an indirect shareholder in Turkcell, on certain restructuring and shareholding issues and concepts of capital markets laws as they may apply to Turkcell.


Restructuring and insolvency work is a mainstay at Egemenoglu, with the firm primarily sought after by local debtors for its strong record in steering companies through Turkey’s concordatum process. The team also represents banks and other financial institutions in debt and corporate restructurings. High-profile specialist Yunus Egemenoğlu co-heads the department together with litigator Turan Doğan. Dispute resolution partner Dilek Gürsan is also an active member of the practice.

Practice head(s):

Yunus Egemenoğlu; Turan Doğan

Other key lawyers:

Dilek Gürsan


‘Excellent communication, experienced partner and associates. Always ready to assist.’

‘Permanent access to partners, rapid action on our queries.’

‘Egemenoglu Law Firm has been acting on merit basis between debtor and banks. Its main strategy is “win win” by protecting its clients, rather than arguing and playing for extending legal or restructuring processes. This is why the firm has completed many restructuring and insolvency cases successfully.’

‘In many cases, I have found the opportunity to work with Yunus Egemenoğlu. He has a wide network among lawyers, bankers and businessmen. He has pragmatic vision to solve problems.’

Key clients

Dati Yatırım Holding, and its subsidiary, Ataköy Marina Istanbul, Turkey.

Elexus Hotel Resort Casino, Kyrenia, Cyprus.

Anel Elektrik Proje Taahhüt Ve Ticaret Anonim Şirketi

MET-SAN İnşaat Ticaret ve Sanayi Limited Şirketi

Saudi Cable Company

Göçtur Turizm Yatırım Ve Ticaret Anonim Şirketi

Demsa İç ve Dış Ticaret

(i) Pakpen Plastik Boru ve Yapı Elemanları Sanayi ve Ticaret Anonim Şirketi; (ii) Pakpen Dış Ticaret

Derindere Fleet

Kartek Holding

Atlantik İplik ve Halı San. Tic.

BRN Yatak Baza Ev Tekstili İnşaat Sanayi ve Ticaret

Ber Turizm Otelcilik İletişim ve Telekomünikasyon Hizmetleri Sanayi ve Ticaret

Platinyum Deri Giyim Sanayi Ticaret Limited Şti

Esha Sağlık Hizmetleri ve Tibbi Malzeme Ticareti Limited Şirketi

Work highlights

  • Acting for a Turkish corporation on its financial restructuring of a $230m debt with several notable Turkish banks.
  • Advising a major hotel business on executing its financial restructuring of debts in excess of $130m.
  • Representing the Turkish investment of a private equity company with respect to its financial restructuring.

Moroglu Arseven

Moroglu Arseven demonstrates strong recent experience in representing a range of court-appointed officers, debtors and creditors in domestic and cross-border restructuring and insolvency cases. Equipped to handle both judicial and out-of-court proceedings, the group frequently works hand-in-hand with the corporate, dispute resolution, employment and tax teams to resource complex matters. Seyfi Moroğlu, who advises on litigation and corporate finance transactions, co-heads the group alongside up-and-coming litigator Burak Baydar. Benan Arseven and Burcu Tuzcu Ersin are also recommended.

Practice head(s):

Seyfi Moroğlu; Burak Baydar

Other key lawyers:

Benan Arseven; Burcu Tuzcu Ersin


The ‘very experienced and collaborative’ group at ÖzmenYalçin has a focus on refinancings and debt restructurings, where it acts for mix of lenders and borrowers. The team is jointly led by banking and finance specialists Ömer Gökhan Özmen and Güneş Yalçın, both of whom enjoy good relationships with domestic and global financial institutions. The group also includes newly promoted partners Damla Keskin Şerbetcioğlu and Handan Bacıoğlu, who also focus on banking and finance transactions.

Practice head(s):

Ömer Gökhan Özmen; Güneş Yalçın

Other key lawyers:

Damla Keskin Şerbetcioğlu; Handan Bacıoğlu


‘The team is very experienced and collaborative.’

‘Damla Keskin Şerbetcioğlu is very experienced and friendly.’

Key clients

Adnan Polat Enerji Yatırımı

Yapı ve Kredi Bankası

T. Halk Bankası

T. İş Bankası


T. Garanti Bankası

T. Vakıflar Bankası TAO

T.C. Ziraat Bankası


Safi Çimento Üretim Sanayi Ticaret

Doğanlar Yatırım Holding

Galatasaray Spor Kulübü

Work highlights

  • Advised Adnan Polat Enerji Yatırımı as borrower on a refinancing by a syndication of banks including EBRD, İş Bankası TSKB and Garanti Bankası.
  • Advised Safi Çimento Üretim Sanayi ve Ticaret on the acquisition of Sançim Çimento from Aşkale Çimento.
  • Advised Yenikoy Enterprises on the sale of shares of Atlas Tersanecilik Sanayi ve Ticaret to Desan Deniz İnşaat Sanayi.

Pelister Atayilmaz Enkur Law Office

The full-spectrum practice at Pelister Atayilmaz Enkur Law Office covers a broad scope of restructuring and insolvency work, with extensive experience in distressed debt, special situations, NPLs and corporate restructurings. The group’s client list is equally comprehensive, with domestic and foreign financial institutions, including state-owned entities, and corporations all on its books. Key names include Kerim Pelister, who contributes expertise in corporate restructurings and NPLs; corporate partner Gökhan Enkür; and Fazil Ciftci, who handles banking and finance, bankruptcy and litigation.

Practice head(s):

Kerim Pelister; Gokhan Enkur; Fazil Ciftci; Emre Keki


‘The team is enthusiastic and agile.’

‘Kerim Pelister is an excellent lawyer, I have worked with him for more than ten years, he is always up to date, friendly and available.’

Key clients

HH Global

Air China





Victoria PLC

Yapi Kredi Bank

Yapi Kredi Leasing

Work highlights

  • Advised HH Global within the scope of an intra-group merger between HH Turkey, HH Global’s wholly owned subsidiary in Turkey, and Adare International Turkey, another wholly owned subsidiary of HH Global in Turkey.
  • Advised Victoria plc on a reorganisation project covering B3 Ceramic, Graniser Granit and Graniser Ic Dis and also assisted on a follow-up accession project to secure a loan provided by National Westminster Bank.
  • Advised Bialetti Industrie on the divestiture of its cookware business and its related assets in Turkey within the scope of a global restructuring project.

Ersoy Bilgehan Lawyers & Consultants

Transport powerhouse Ersoy Bilgehan Lawyers & Consultants is recognised for its expertise in marine-related debt restructurings. The group enjoys a strong international reputation for its specialist practice and is frequently involved in multi-jurisdictional matters on behalf of lenders and borrowers. High-profile shipping specialists Zihni Bilgehan and Ergün Ersoy co-head the practice together with Emre Ersoy, who also specialises in shipping law, and M. Raci Alper.

Practice head(s):

Zihni Bilgehan; Ergun Ersoy; Raci Alper; Emre Ersoy


‘Ersoy Bilgehan is a very well-established law firm that is very experienced in maritime matters and has passed its experience on from generation to generation. It constantly updates itself by following the industry closely. It can offer very fast solutions with the advantage of many years of experience.’

‘We have worked with Emre Ersoy for years. We can reach him easily. He is very knowledgeable about the maritime industry. He knows his clients very well and follows them closely. This allows us to get a very fast response on the work we do with him and saves a significant amount of time.’

Key clients

Chailease International Financial Services (Singapore)

Deutsche Bank

AVIC International Leasing Co.

Lombard North Central

Orix Maritime Corporation

Ekol Group

Mistacoglu Holding

Industrial and Commercial Bank of China (ICBC)

CIMC Financial Leasing (Qianhai Shenzhen) Limited (CIMCFL)

Jiangsu Financial Leasing Co. (JSFL)


Minsheng Financial Leasing Co.

SPDB Financial Leasing Co.

Eksportfinansiering Norge (“Eksfin”) (formerly known as Norwegian Guarantee Institute For Export Credits (GIEK)

Work highlights

  • Advised Eksportfinansiering Norge (Eksfin) on the restructuring of the financing it provided to two management companies in Turkey.
  • Advised DekaBank on the restructuring of a loan provided to a Turkish holding.
  • Advised Delay Fix on enforcement and involuntary insolvency proceedings commenced against a debtor.