Restructuring and insolvency in Turkey

ASC Law Office

ASC Law Office focuses on large financial debt restructurings. Acting for creditors and debtors, the firm advises on planning and choice of financing models and projects; negotiations of models and projects, and preparation of the relevant documentation; and granting any collateral and securities relating to financial models. The group works closely with the dispute resolution department to cater to any contentious issues arising during the course of deals. The team is jointly led by Okan BeygoLevent Yetkil and Denel Balcı Kırali.

Esin Attorney Partnership, Member of Baker & McKenzie International

Esin Attorney Partnership, Member of Baker & McKenzie International mainly advises on financial restructurings, corporate reorganisations and insolvencies. Litigation is another driver of activity, including disputes between lenders and borrowers, and contentious shareholder-related matters. Clients include Turkish companies, financial institutions and international banks. The Istanbul-based group works closely with its counterparts in the London office. Banking and finance expert Muhsin Keskin is the practice head.

Practice head(s):

Muhsin Keskin

Key clients

Saudi Telecom Company

The Abraaj Group

Abraaj Credit B.V.


ING Bank


Deutsche Bank

Intesa Sanpaolo

Odea Bank

Standard Chartered Bank

Denizbank A.Ş.

JP Morgan

Work highlights

  • Acted for Saudi Telecom Company on the restructuring of $4.75bn acquisition finance facility provided by a syndicate of Turkish and international banks.

GKC Partners (in professional association with White & Case)

GKC Partners (in professional association with White & Case) advises both borrowers and lenders on large-scale restructuring deals in the financial sector. The firm advised International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD) on the drafting and introduction of amendments to the Turkish financial restructuring programme. Restructuring expert and newly promoted partner Ateş Turnaoğlu and Güniz Gökçe lead the team.

Hergüner Bilgen Özeke

Hergüner Bilgen Özeke has a strong capability in corporate restructurings, debt restructurings, insolvency and bankruptcy work, and liquidations of assets. Litigation is another driver of activity. The team includes Tolga DanışmanKayra Üçer, Ufuk Yalçın and Piraye Kuranel BaşolÜmit HergünerYeşim Aiı Şamlı and Deniz Tuncel are also recommended.

Practice head(s):

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


‘The Hergüner team is as diligent as they get in the field’.

‘They are communicative and responsive’.

Key clients

St Martins Şişli Gayrimenkul Yatırımcılığı Ticaret A.Ş.

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

Holding Internationale de Boissons (global water business holding company of DANONE Group)

Hewlett-Packard Enterprise (HPE)

Reynaers Aluminium

ING Bank

Wafra Capital Partners, Inc.

Work highlights

  • Represented Reynaers Aluminium before the Commercial Court of First Instance over the suspension of a bankruptcy lawsuit.
  • Assisted Hewlett-Packard Enterprise (HPE) with the transfer of the whole of its enterprise services business to a newly established HPE subsidiary in Turkey known as Entserv Turkey Teknoloji Çözümleri Limited Şirketi.
  • Assisted Wafra Capital Partners Inc with the €115m refinancing and restructuring for the Terracity shopping centre.


Paksoy advises on debt restructuring and corporate restructuring, and it also assists clients with debt collection proceedings and bankruptcy proceedings. In addition, it advises on insolvency-related risk management and transactions involving non-performing loans. Clients include lenders, corporate borrowers, investors and hedge funds. The team is jointly led by Sera SomayElvan AzizÖmer Çollak and newly promoted partner Selin Barlın Aral.

Practice head(s):

Elvan Aziz; Ömer Çollak; Sera Somay; Selin Barlın Aral


‘They are very responsive and diligent’.

‘They understand the client and situation needs, create alternative solutions and reflect them to negotiations and transaction documents’.              

‘Paksoy partner Sera Somay is very responsive, reachable, shows partner attention, and has extensive experience and knowledge of debt restructuring and collateral matters’.                  

‘Paksoy has a broad team, covering all areas of expertise, with top ranked professionals’.

Key clients

HsH Nordbank and Hsh Portfolio Management

Work highlights

  • Advising HSH Nordbank and HSH Portfolio Management on the restructuring of Bayraktar Shipping Companies.

Pelister Atayilmaz Enkur Law Office

Pelister Atayilmaz Enkur Law Office's team has expertise in distressed debt, special situations, non-performing loans and insolvency. The practice generates mandates from state-owned banks, and other domestic and international financial institutions, as well as international companies. Group head Kerim Pelister is sought out for advice on debt restructurings, cross-border restructurings and non-performing loans.

Practice head(s):

Kerim Pelister


‘The team has a strong corporate and restructuring experience with a pragmatic approach’.

‘The responsiveness of PAE and the pleasant collaboration was very much appreciated’.       

Work highlights

  • Acted for Şekerbank T.A.Ş. on the ₺100m sale of a non-performing loan portfolio consisting of personal loans, credit card debts and SME loans in one tranch.
  • Advising QNB Finansbank A.Ş. on the circa ₺750ms ale of a non-performing loan asset portfolio, consisting of corporate, SME, personal loans and credit card debts.
  • Advising the asset management and non-performing loan investment arm of state-owned Savings Deposits Insurance Fund, RCT Asset Management Company, on the collection of receivables from a portfolio exceeding 200 different insolvent corporate borrowers.

Balcioglu Selçuk Ardiyok Keki

Balcıoğlu Selçuk Ardıyok Keki is adept at handling insolvency litigation, arbitration and cross-border restructurings. In addition, other areas of expertise include credit risk management, distressed M&A, insolvencies involving financial institutions, out-of-court restructurings and workouts. Galip Selçuk and Özgür Akman are the co-heads of the practice.

Practice head(s):

Galip Selçuk; Özgür Akman


‘The firm has a wide range of specialisms in different legal areas’.

‘The law firm is well organised and respects deadlines’.

‘The different teams interact very well’.

‘Good price to performance ratio’.

‘Lawyers give detailed and well-founded legal advice’.

‘Lawyers have high perception skills concerning the clients’ queries’.

Key clients

Yapı ve Kredi Bankası A.S.


ODDO BHF Aktiengesellschaft

Islamic Corporation for the Development of Private Sector

Perkins Engines


MRM Turizm

Credit Europe

Work highlights

  • Acting for ODDO BHF Aktiengesellschaft (BHF) on restructuring and representing the client before court in relation to the guarantor’s composition proceeding.
  • Acted for Yapı ve Kredi Bankası A.Ş. as lender’s legal counsel on the restructuring of an existing loan facility and granting of an additional loan facility in connection with financing the development and construction of three solar power projects in Turkey, which consist of 12 project companies and 44 license-free solar power generation facilities.
  • Advising Islamic Corporation for the Development of Private Sector (ICD) on restructuring and insolvency issues.


DURUKAN+PARTNERS handles the restructuring of secured and unsecured debt, corporate restructurings, technical bankruptcies and insolvency. Clients include foreign and domestic companies, sponsors of mega-projects and borrowers. Begüm Durukan Özaydin, who is New York and Turkish law- qualified co-heads the team with Hikmet Fadillioglu.

Practice head(s):

Begum Durukan Ozaydin; Hikmet Fadillioglu

Key clients

Ojer Telekomunikasyon AS, as the Borrower, and Oger Telecom Limited, as the Guarantor

Ojer Telekomunikasyon A.S. (OTAS)

Oger Telecom Yönetim Hizmetleri Limited Şti (OTMSC)

Emaar Properties PJSC

McCormick & Company, Inc.

Work highlights

  • Advised Ojer Telekomunikasyon A.S. (OTAS), the majority stakeholder in Turk Telekom, and Oger Telecom Limited on the restructuring of OTAS’ $5.2bn debt to lenders, including major Turkish and foreign banks.
  • Advised Emaar Properties PJSC, as borrower, on the amendment and extension of a $180m loan from HSBC Bank.
  • Advised McCormick on the termination of its joint venture with Yildiz Holding in the food industry.

Ersoy Bilgehan Lawyers & Consultants

Ersoy Bilgehan Lawyers & Consultants is active in domestic and cross-border debt restructurings, liquidation procedures and bankruptcies. Clients are well-served by the the restructuring and insolvency practice, which draws on the expertise of practitioners in the litigation, finance, employment and corporate teams. The team is jointly led by England and Wales-qualified partner Zihni Bilgehan and senior associate Emre Ersoy.

Practice head(s):

Zihni Bilgehan; Emre Ersoy


‘Reliable and quick responses’.

‘They focus on the important things’. 

Key clients

DVB Bank SE (DVB Bank America N.V.)

UniCredit Bank AG

Global E Ticaret Bilişim Hizmetleri A.Ş.

Cryo Gas Med S.R.L.


JSC Rietumu Banka

Kodak Near East Inc.

Hamburg Commercial Bank Ag (HSH Nordbank AG)

Credit Suisse AG

China Development Bank Corporation

Work highlights

  • Acted for UniCredit Bank AG as lender on the $42.8m restructuring of a previously financed acquisition deal, which involved obtaining additional security.
  • Advising Cryo Gas Med S.R.L. on a bankruptcy order.