Financial Debt Restructuring Roadmap For Turkish Companies

The Banking Regulation and Supervision Agency of Turkey ("BRSA") has recently announced a broad restructuring program in relation to the debts of companies owed to the Turkish financial creditors. BRSA's recent Regulation on the Restructuring of Debts Owed to the Financial Sector ("Regulation") aims to pave the way for companies to initiate a general restructuring of their financial debts and ensure coordination of the Turkish financial institutions in the restructuring of these debts.

FRAMEWORK AGREEMENTS

• The framework agreements are prepared by the Banks Association of Turkey.
• Turkish financial institutions (banks, leasing companies, factoring companies, financing companies etc.) are parties to these framework agreements.