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.
Restructuring and insolvency in Turkey
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.’
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.
- 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.
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.
Muhsin Keskin; Koray Söğüt; Yalın Akmenek
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.
Ortaköy Aparts Otelcilik A.Ş.
Çakmaklı Otelcilik A.Ş.
Sefaköy Aparts Otelcilik A.Ş.
TCP Petcoke Corporation
Abraaj Credit B.V.
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.
- 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.
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.
Güniz Gökçe; Ateş Turnaoğlu
Yapı ve Kredi Bankasi A.S.
Aktif Yatırım Bankası A.Ş.
Burgan Bank A.Ş.
HSBC Bank A.Ş. İzmir Corporate Branch
HSBC Bank PLC
Odea Bank A.Ş.
Pasha Yatırım Bankası 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
İç Anadolu Doğalgaz Enerji Üretim ve Ticaret A.Ş.
- 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 Özeke 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.
Kayra Üçer; Piraye Kuranel Başol
Tümad Madencilik Sanayi and Ticaret A.Ş., Nurol Holding A.Ş.
Holding Internationale de Boissons
Hewlett-Packard Enterprise (HPE)
Wafra Capital Partners, Inc.
- 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.
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.’
Standard Profil Automotive
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.
Meltem Akol; Tuğçe Tatari
General Electric (“GE”)
İş Girişim – Tatilbudur
- 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'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.
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.’
‘Very good co-operation, good qualification.’
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
IDO Istanbul Deniz Otobüsleri
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.
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.
‘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.’
Ojer Telekomunikasyon A.S. (OTAS)
Emaar Properties PJSC
Emaar Properties PJSC
Letterone Technology Limited
Perini Navi S.p.A.
Europe Arab Bank
- 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'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.
Yunus Egemenoğlu; Turan Doğan
Other key lawyers:
‘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.’
DRD Fleet Leasing
Gilan Mücevher Ticaret
MCT Yatırım Holding
Yeşil Foot Ware
Dati Yatırım Holding A.Ş. and its subsidiary, Ataköy Marina A.Ş
Elexus Hotel Resort Casino
- 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 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.
Benan Arseven; Seyfi Moroğlu
Other key lawyers:
Burcu Tuzcu Ersin; Burak Baydar
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.
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!’
Chailease International Financial Services
Hamburg Commercial Bank AG
European Bank of Restructuring and Development
DVB BANK SE (and DVB BANK AMERICA N.V)
Deutsche Bank AG
Credit Suisse AG
Minsheng Financial Leasing Corp.
Ekol Lojistik A.Ş
ICBC Financial Leasing
Dekabank Deutsche Girozentrale
AVIC Financial Leasing
Bank of Communications Financial Leasing Co., Ltd.
Huarong Financial Leasing
ICBC Financial Leasing
- 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 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.
Hüseyin Dikme; Medet Çınar; Mahmut Fırat
Ge Global Parts & Products Gmbh, Ge Solutions W.L.L.
Garanti Koza Construction
Kılıç Ambalaj ve Matbaacılık
Alcas Metal Sanayi A.Ş
Keban Integrated Meat
T.C. Vakıflar Bank
Beta Yapı Sanayi
Özlem Ekin Akbulut Automotive
- 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 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.
Other key lawyers:
- 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.