{"id":69979,"date":"2026-10-16T10:41:26","date_gmt":"2026-10-16T08:41:26","guid":{"rendered":"https:\/\/mf.ag\/?page_id=69979"},"modified":"2026-10-16T12:24:25","modified_gmt":"2026-10-16T10:24:25","slug":"restructuring-restructuring-in-turkiye","status":"publish","type":"page","link":"https:\/\/mf.ag\/en\/restructuring-restructuring-in-turkiye\/","title":{"rendered":"Restructuring in T\u00fcrkiye"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570-1-1024x576.png\" alt=\"\" class=\"wp-image-69987\" srcset=\"https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570-1-1024x576.png 1024w, https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570-1-300x169.png 300w, https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570-1-768x432.png 768w, https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570-1-1536x864.png 1536w, https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570-1.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>At Valtus Alliance, we draw on a global network of restructuring experts because legislation, practices and stakeholder expectations vary significantly from country to country. In this interview, <a href=\"https:\/\/www.linkedin.com\/in\/k%C4%B1van%C3%A7-ers%C3%B6z-14344b\/\" data-type=\"link\" data-id=\"https:\/\/www.linkedin.com\/in\/k%C4%B1van%C3%A7-ers%C3%B6z-14344b\/\" target=\"_blank\" rel=\"noreferrer noopener\">K\u0131van\u00e7 Ers\u00f6z<\/a>, Founder and <a href=\"https:\/\/mf.ag\/en\/interim-ceo\/\" data-type=\"link\" data-id=\"https:\/\/mf.ag\/en\/interim-ceo\/\">CEO<\/a> of <a href=\"https:\/\/www.eande.com.tr\/en\" data-type=\"link\" data-id=\"https:\/\/www.eande.com.tr\/en\" target=\"_blank\" rel=\"noreferrer noopener\">E&amp;E Group<\/a>, our <a href=\"https:\/\/www.linkedin.com\/company\/valtusalliance\/posts\/?feedView=all\" data-type=\"link\" data-id=\"https:\/\/www.linkedin.com\/company\/valtusalliance\/posts\/?feedView=all\" target=\"_blank\" rel=\"noreferrer noopener\">Valtus Alliance<\/a> partner in T\u00fcrkiye, speaks with <a href=\"https:\/\/www.linkedin.com\/in\/nezih-tunali\/\" data-type=\"link\" data-id=\"https:\/\/www.linkedin.com\/in\/nezih-tunali\/\" target=\"_blank\" rel=\"noreferrer noopener\">Nezih Tunali<\/a> about how restructuring works in the country. Nezih is a senior executive with more than 42 years of experience in C-level positions at internationally renowned companies across corporate finance, investment banking and the real economy. He has led and advised on numerous high-profile international <a href=\"https:\/\/mf.ag\/en\/transaction-advisory\/\" data-type=\"link\" data-id=\"https:\/\/mf.ag\/en\/transaction-advisory\/\">M&amp;A<\/a>, privatisation, investment and restructuring projects.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-are-there-mandatory-reports-or-expert-opinions-required-in-the-event-of-a-liquidity-crisis-or-imminent-insolvency-nbsp\">Are there mandatory reports or expert opinions required in the event of a liquidity crisis or imminent insolvency?&nbsp;<\/h3>\n\n\n\n<p>Yes. The important distinction is that, in T\u00fcrkiye, a liquidity crisis alone does not automatically require a company to obtain an expert report. However, specific legal or procedural requirements may arise if the company faces capital loss or over-indebtedness under Article 376 of the Turkish Commercial Code, enters financial restructuring negotiations, or applies for concordat protection. The issue can therefore be considered across four stages.&nbsp;<\/p>\n\n\n\n<p><em>1. Early warnings<\/em>&nbsp;<\/p>\n\n\n\n<p>Operational problems lead to deteriorating cash flow, and the company begins to experience difficulties in servicing its debt. This is the area in which restructuring consultants and advisers typically become involved. No mandatory reports are generally required at this stage.&nbsp;<\/p>\n\n\n\n<p><em>2. Liquidity crisis&nbsp;<\/em>&nbsp;<\/p>\n\n\n\n<p>Also at this stage, there usually is no mandatory &#8220;<a href=\"https:\/\/mf.ag\/en\/chief-restructuring-officer\/\" data-type=\"link\" data-id=\"https:\/\/mf.ag\/en\/chief-restructuring-officer\/\">CRO<\/a> report&#8221; or independent expert opinion. However, the board of directors needs to closely monitor the company&#8217;s financial situation and take necessary precautions. In my experience, I strongly recommend preparing the following studies at this stage:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>12-week weekly cash flow model&nbsp;<\/li>\n\n\n\n<li>Current debt\/maturity\/collateral matrix&nbsp;<\/li>\n\n\n\n<li>Debt analysis based on banks and financial institutions&nbsp;<\/li>\n\n\n\n<li>Working capital analysis&nbsp;<\/li>\n\n\n\n<li>Actual collection\/valuation analysis of receivables and inventory&nbsp;<\/li>\n\n\n\n<li>Base\/downside\/severe downside scenarios&nbsp;<\/li>\n\n\n\n<li>Debt capacity\/repayment capacity analysis in case of debt restructuring&nbsp;<\/li>\n\n\n\n<li>Analysis of asset sales and capital injection alternatives&nbsp;<\/li>\n\n\n\n<li>Independent Business Review (IBR)&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Especially if a serious restructuring negotiation is underway with banks, the latter, the independent IBR, becomes much more valuable than the financial projections prepared by management itself.&nbsp;<\/p>\n\n\n\n<p><em>3. Imminent bankruptcy\/ extensive <a href=\"https:\/\/mf.ag\/en\/restructuring\/\" data-type=\"link\" data-id=\"https:\/\/mf.ag\/en\/restructuring\/\">restructuring<\/a><\/em>&nbsp;<\/p>\n\n\n\n<p>Under Article 376 of the Turkish Commercial Code (TTK), capital loss or over-indebtedness triggers specific statutory duties for the board of directors. Where over-indebtedness is suspected, the company\u2019s financial position should be assessed using interim balance sheets prepared on both a going-concern basis and a likely sale-value basis. The company should therefore involve the following specialists:&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-contrast-color has-custom-valtus-light-blue-extra-background-color has-text-color has-background has-link-color has-fixed-layout\"><tbody><tr><td><strong>Subject&nbsp;<\/strong>&nbsp;<\/td><td><strong>Expert<\/strong>&nbsp;<\/td><\/tr><tr><td>Financial Situation &amp; Cashflow&nbsp;&nbsp;<\/td><td>Restructuring \/ turnaround&nbsp;&nbsp;<\/td><\/tr><tr><td>Financial Tables&nbsp;&nbsp;<\/td><td>CPA \/ Independent Auditor&nbsp;<\/td><\/tr><tr><td>Asset Valuation&nbsp;&nbsp;<\/td><td>Licenced Valuation Expert&nbsp;&nbsp;<\/td><\/tr><tr><td>Insolvency and Article 376 of the &nbsp;<br>Turkish Commercial Code&nbsp;&nbsp;<\/td><td>Bankruptcy law expert lawyer&nbsp;<br>&nbsp;<\/td><\/tr><tr><td>Debt Restructuring&nbsp;&nbsp;<\/td><td>Restructuring Consultant&nbsp; + Financial Law&nbsp;&nbsp;<\/td><\/tr><tr><td>Tax Liabilities&nbsp;&nbsp;<\/td><td>CPA (Certified Public Accountant)&nbsp;<\/td><\/tr><tr><td>Restructuring&nbsp;&nbsp;<\/td><td>Management Consultant&nbsp;&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>In my opinion, this is the most critical stage in terms of the issue you asked about.&nbsp;<br>Within the scope of financial restructuring, it is necessary to determine the debtor&#8217;s financial situation and assess whether they will be able to repay their debts as a result of the restructuring. The legislation allows this assessment to be carried out by independent auditing firms or organizations with sufficient knowledge and expertise.&nbsp;<\/p>\n\n\n\n<p>Therefore, the team I recommend here is:&nbsp;<\/p>\n\n\n\n<p>A. Lead Restructuring Advisor \/ <a href=\"https:\/\/mf.ag\/en\/chief-restructuring-officer\/\" data-type=\"link\" data-id=\"https:\/\/mf.ag\/en\/chief-restructuring-officer\/\">CRO<\/a>\u00a0<br>B. <a href=\"https:\/\/mf.ag\/en\/going-concern-prognosis\/\" data-type=\"link\" data-id=\"https:\/\/mf.ag\/en\/going-concern-prognosis\/\">Independent Business Review (IBR)\u00a0<\/a><\/p>\n\n\n\n<p>I think this is one of the most important reports that should be prepared before meeting with banks.&nbsp;<\/p>\n\n\n\n<p><em>4. Actual default \/ concordat \/ insolvency \/ financial Restructuring with Banks<\/em>&nbsp;<\/p>\n\n\n\n<p>If the concordat stage is reached, the process changes here. The documents required by law for a concordat application and the financial\/audit documents that must be submitted to the court come into play. Therefore, independent auditors and lawyers specializing in concordat become much more central at this point.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-in-turkish-you-have-an-arrangement-called-concordat-or-konkordato-what-does-it-mean-and-how-does-it-work-nbsp\">In Turkish you have an arrangement called \u201cconcordat\u201d or \u201ckonkordato\u201d. What does it mean and how does it work?&nbsp;<\/h3>\n\n\n\n<p>Essentially, the concordat process is a period during which companies with the potential to do business and pay their debts are protected from creditors&#8217; debt collection pressure (legal enforcement proceedings) for a specific period, as per a court decision. The aim is to create a temporary period during which debtor companies can pay their debts using the free cash flow generated from their routine operations. Of course, for the court to grant this exceptional period, it must be proven, through reports prepared by authorized financial experts and specialists, that the company&#8217;s assets cover its debts and that it can generate reasonable profitability and cash flow from its core business.&nbsp;<\/p>\n\n\n\n<p><strong>In your experience, what is the most common mistake companies make in the early stages of a liquidity crisis?<\/strong>&nbsp;<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Delaying the diagnosis of the crisis<\/strong>&nbsp;<br>The problem is postponed with the approach of &#8220;we&#8217;ll recover in a month or two.&#8221; However, in a liquidity crisis, the critical factor is when the cash will run out, not profitability.&nbsp;<\/li>\n<\/ol>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li><strong>Continuing with past financing methods<\/strong>&nbsp;<br>The company continues to cover the deficit with short-term loans, revolving credit, or factoring. Thus, debt rollover is done without solving the main problem.&nbsp;<\/li>\n<\/ol>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li><strong>Not establishing a 13-week cash flow forecast early enough<\/strong>&nbsp;<br>One of the most critical tools is a weekly, or even daily, 13-week cash flow forecast. Decisions made without seeing how much cash inflow\/outflow will occur on any given day are often too late.&nbsp;<\/li>\n<\/ol>\n\n\n\n<ol start=\"4\" class=\"wp-block-list\">\n<li><strong>Over-relying on receivables and inventory<\/strong>&nbsp;<br>Having significant receivables or inventory on the balance sheet does not mean that they will immediately be converted into cash. In a crisis, the difference between &#8220;assets available&#8221; and &#8220;cash available&#8221; is very important.&nbsp;<\/li>\n<\/ol>\n\n\n\n<ol start=\"5\" class=\"wp-block-list\">\n<li><strong>Delaying communication with banks and other creditors<\/strong>&nbsp;<br>Management tends to only approach banks when payment problems arise. However, in restructuring, loss of trust can be as significant as the financial problem itself.&nbsp;&nbsp;<\/li>\n<\/ol>\n\n\n\n<ol start=\"6\" class=\"wp-block-list\">\n<li><strong>Trying to pay everyone the same way<\/strong>&nbsp;<br>Strategic suppliers, critical employees, taxes\/social security contributions, banks, and other creditors all have different impacts on the company. Strategic allocation of cash is necessary during a crisis.&nbsp;&nbsp;<\/li>\n<\/ol>\n\n\n\n<ol start=\"7\" class=\"wp-block-list\">\n<li><strong>Making cost cuts in the wrong places<\/strong>&nbsp;<br>The first reflex might be to cut personnel and operating expenses. However, cutting expenses that generate revenue or are critical for the company&#8217;s continued operation can worsen the crisis.&nbsp;<br>&nbsp;<br><strong>The real critical mistake<\/strong>&nbsp;<br>&nbsp;<br>In my opinion, the most dangerous mistake from a management perspective is this:&nbsp;<br>Thinking, &#8220;The company&#8217;s balance sheet is strong, therefore the problem is temporary.&#8221;&nbsp;<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-at-what-point-and-in-what-role-should-an-external-restructuring-expert-be-brought-in-and-who-should-mandate-them-nbsp\">At what point, and in what role should an external restructuring expert be brought in \u2013 and who should mandate them?&nbsp;<\/h3>\n\n\n\n<p>In T\u00fcrkiye, an external restructuring expert should be appointed as soon as recurring liquidity pressure, the need for debt restructuring or a credible risk of insolvency becomes apparent. The objective is to intervene before the crisis deepens, operational control is lost and stakeholder confidence deteriorates.&nbsp;<\/p>\n\n\n\n<p>Practically, four stages can be considered.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-contrast-color has-custom-valtus-light-blue-extra-background-color has-text-color has-background has-link-color has-fixed-layout\"><tbody><tr><td><strong>STAGE<\/strong>&nbsp;<\/td><td><strong>SITUATION<\/strong>&nbsp;<\/td><td><strong>PROPOSED ROLE<\/strong>&nbsp;<\/td><\/tr><tr><td><strong>1. Early Warning&nbsp;<\/strong>&nbsp;<\/td><td>Cash flow is deteriorating, and pressure to repay covenants\/debts is starting.&nbsp;<\/td><td>Restructuring Advisor \/ Consultant&nbsp;<\/td><\/tr><tr><td><strong>2. Liquidity Crisis&nbsp;<\/strong>&nbsp;<\/td><td>Payments are delayed, restructuring talks with banks are needed.&nbsp;<\/td><td>Lead Restructuring Advisor + Interim CFO&nbsp;<\/td><\/tr><tr><td><strong>3. Imminent bankruptcy \/extensive restructuring<\/strong>&nbsp;<\/td><td>The business&#8217;s continued existence is at serious risk; extensive negotiations with creditors are needed.&nbsp;<\/td><td>CRO (Chief Restructuring Officer)&nbsp;<\/td><\/tr><tr><td><strong>4 Actual default \/ concordat, etc.<\/strong>&nbsp;<\/td><td>Management&#8217;s financial control has weakened, and creditor confidence has been severely damaged.&nbsp;<\/td><td>CRO \/ Special circumstances manager + legal\/finance teams&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>The most critical point: <\/strong>It&#8217;s generally healthier to appoint a CRO before the company is on the verge of bankruptcy. Especially if restructuring with banks is planned, it&#8217;s crucial to prepare a financial model, a 12-week cash flow plan, a debt inventory, and a viable business plan, and to begin negotiations early.&nbsp;<\/p>\n\n\n\n<p><strong>Consultant<\/strong>: This is the most suitable starting point if the company&#8217;s management team is still strong and reliable. The expert conducts analysis, creates a restructuring plan, and supports negotiations with banks; however, they do not have daily management authority.&nbsp;<\/p>\n\n\n\n<p><strong>Interim CFO:<\/strong>This is preferred if the problem stems primarily from deficiencies in financial management, cash management, reporting, and the finance function. The CFO&#8217;s authority extends to the company&#8217;s daily financial management.&nbsp;<\/p>\n\n\n\n<p><strong>CRO (Chief Restructuring Officer): <\/strong>This is a more suitable position if the company is in serious financial distress and banks\/creditors have lost confidence in management. The CRO&#8217;s job description and responsibilities should be clearly defined; if possible, they should be directly authorized by the Board of Directors.&nbsp;<\/p>\n\n\n\n<p>For large and complex debt restructurings, I generally recommend appointing an independent restructuring adviser first, adding an interim CFO where the finance function requires reinforcement and appointing a CRO when the crisis demands executive authority across the business. If the crisis is already at an advanced stage, the immediate appointment of a CRO may be the more appropriate course.&nbsp;<br>&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-which-case-in-your-career-has-most-profoundly-shaped-your-view-of-restructuring-and-what-did-you-learn-from-it-nbsp\">Which case in your career has most profoundly shaped your view of restructuring \u2013 and what did you learn from it?&nbsp;<\/h3>\n\n\n\n<p>A well-known FMCG company approached me for advice when it was on the brink of bankruptcy. Management\u2019s initial objective was to secure fresh financing. I concluded, however, that adding further debt to a company with limited creditworthiness would not address the underlying problem.&nbsp;<\/p>\n\n\n\n<p>I did not act in a way that would increase the debt stock of a company with low creditworthiness by requesting new loans from banks.&nbsp;<\/p>\n\n\n\n<p>I developed an action plan to reduce the company&#8217;s costs and increase its profitability, and I convinced the Board of Directors to implement this plan. We saw the results of this plan within a 6-month period. Accordingly, we recalculated the company&#8217;s EBITDA generation capacity. Based on this EBITDA, I initiated a project to restructure its existing financial debt.&nbsp;<\/p>\n\n\n\n<p>I convinced the creditor banks to restructure the company&#8217;s debt repayment and amortization schedule according to this EBITDA generation capacity.&nbsp;<\/p>\n\n\n\n<p>As a reflection of all these planned restructuring efforts, the company got back on track.&nbsp;<\/p>\n\n\n\n<p>Subsequently, we listed the company&#8217;s shares on the stock exchange through an IPO project.&nbsp;<\/p>\n\n\n\n<p>The most important lesson I learned from this project is that a restructuring project should be based on the company&#8217;s own resources and the steps it takes to manage those resources effectively.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-can-you-describe-your-local-restructuring-network-with-whom-do-you-cooperate-on-a-regular-basis-nbsp\">Can you describe your local restructuring network? With whom do you cooperate on a regular basis?&nbsp;<\/h3>\n\n\n\n<p>Firstly, I would like to emphasize one point: In T\u00fcrkiye, it would be more accurate to position a financial restructuring leader not as a mere &#8220;financial advisor,&#8221; but as a &#8220;deal captain&#8221; orchestrating the collaboration between the company, banks, legal department, partners, and operations. I would build the network in five rings:&nbsp;<br>&nbsp;<br><strong>1. Core network: those who should be present in every project<\/strong>&nbsp;<br>Banking and creditor relations \u2014 the most critical ring: Agent bank \/ coordinator bank if there is syndication&nbsp;<br>&nbsp;<br><strong>2. Legal network<\/strong>&nbsp;<br>There should be lawyers who have actually worked on financial restructuring.&nbsp;<br>&nbsp;<br><strong>3. Financial modeling + independent review network:<\/strong>&nbsp;<br>This ring is often underestimated. The banks&#8217; fundamental question is: &#8220;If we lend money to this company again, can it really be saved?&#8221; It is necessary to work with qualified experts who can provide a clear answer to this question. Therefore, the advisor needs to have a reliable IBR\/FDD\/valuation network.&nbsp;<br>&nbsp;<br><strong>4. Capital and Alternative Financing Network<\/strong>&nbsp;<br>With the thought of \u201cHow do we restructure the capital structure of this company?\u201d&nbsp;<br>Therefore, regular relationships should be maintained: Contacts with private equity funds, distressed investment funds, strategic investors, M&amp;A consultants, and investment bankers.&nbsp;<br>&nbsp;<br><strong>5. Operational Turnaround Network<\/strong>&nbsp;<br>In my opinion, this is one of the most important areas that distinguishes a good restructuring consultant from the average consultant in T\u00fcrkiye. The consultant should have people they can bring in when needed: Interim CFO, Interim CEO, Interim COO, etc.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-in-turkiye-how-efficient-is-the-collaboration-between-management-creditors-and-courts-in-formal-restructuring-proceedings-nbsp\"><br>In T\u00fcrkiye, how efficient is the collaboration between management, creditors, and courts in formal restructuring proceedings?&nbsp;<\/h3>\n\n\n\n<p>In T\u00fcrkiye, a legal framework exists for official restructuring processes; however, coordination between management, creditors, and courts is still not fully efficient, especially in terms of the speed and shared knowledge base required for economic\/financial restructuring. I would rate it as approximately &#8220;moderately efficient, but highly variable from case to case.&#8221;&nbsp;<br>&nbsp;<br>Here, I am specifically referring to the restructuring mechanisms under the Concordat and Enforcement and Bankruptcy Law; because it is important to distinguish between &#8220;official restructuring&#8221; and private restructuring with banks.&nbsp;<br>&nbsp;<br>I would like to emphasize that differences in understanding between the &#8220;legal mechanism&#8221; summarized above and the &#8220;financial restructuring mechanism&#8221; create difficulties in carrying out the processes.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-in-the-event-of-a-severe-profitability-and-liquidity-crisis-what-would-you-consider-the-best-course-of-action-for-a-foreign-corporation-with-a-local-subsidiary-in-your-country-nbsp\">In the event of a severe profitability and liquidity crisis, what would you consider the best course of action for a foreign corporation with a local subsidiary in your country?&nbsp;<\/h3>\n\n\n\n<p>For a foreign group experiencing a serious profitability and liquidity crisis and having a subsidiary in T\u00fcrkiye, my suggested approach is to address the issue not initially as &#8220;How do we finance the company in T\u00fcrkiye?&#8221;, but as &#8220;Does the Turkish operation have an economic chance of survival, and how much more of the group&#8217;s capital should be risked here?&#8221;.&nbsp;<br>&nbsp;<br>In T\u00fcrkiye, the financial difficulty in banks&#8217; restructuring approach includes not only delayed payments, but also situations such as insufficient cash flows to cover debts or the likelihood of default without restructuring.&nbsp;<br>&nbsp;<br>My suggested course of action: In the first 2-3 weeks focus on \u201ccrisis control,\u201d not yet a concordat.&nbsp;<br>&nbsp;<br>The first thing the parent company should do is not to transfer unlimited new funds to the Turkish management.&nbsp;<br>&nbsp;<br><strong>An independent Restructuring Advisor \/ CRO should be appointed, and the following four studies should be carried out simultaneously:&nbsp;<br><\/strong>&nbsp;<br>1) 12-week daily\/weekly cash flow analysis&nbsp;<br>2) Independent financial and commercial due diligence (IBR)&nbsp;<br>3) Debt and collateral map&nbsp;<br>4) Operational turnaround plan&nbsp;<br>&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-do-you-assess-the-role-of-relationship-banks-during-a-restructuring-process-more-as-partners-obstacles-or-both-nbsp\">How do you assess the role of relationship banks during a restructuring process \u2013 more as partners, obstacles, or both?&nbsp;<\/h3>\n\n\n\n<p>In a serious restructuring in T\u00fcrkiye, the most realistic approach is to view the relationship bank as &#8220;both a partner and a potential obstacle.&#8221; However, what role it will take largely depends on the stage of the crisis the company is in and how transparently it communicates with the bank.&nbsp;<br>&nbsp;<br><strong>1. The &#8220;Partner&#8221; Side<\/strong><br><br>The bank can economically benefit from the company&#8217;s survival. Therefore, the bank may support the following solutions: maturity extension, principal repayment deferral, restructuring of the interest\/payment profile, new working capital, preservation of existing limits, redefinition of covenants, and, if necessary, a joint restructuring agreement with other banks.&nbsp;<br>In addition, regulations issued by the BDDK (Bankac\u0131l\u0131k D\u00fczenleme ve Denetleme Kurumu, the Turkish Banking Regulation and Supervision Agency) make it possible to restructure the obligations of borrowers experiencing financial difficulties and to provide new financing under certain conditions.&nbsp;<br>&nbsp;<br><strong>2. The Side That Can Be an &#8220;Obstacle&#8221;<\/strong><br><br>A bank is not the company\u2019s shareholder or turnaround sponsor. Its responsibility is to manage its own credit risk, not to rescue the borrower. Therefore, the bank may: request additional collateral, refuse to provide new funds, reduce existing credit, invoke covenant breaches, request guarantees from group companies, demand fresh equity from partners, or request the sale of company assets. The fact that these behaviors appear &#8220;obstructive&#8221; is often a natural consequence of the bank&#8217;s risk management. The problem is exacerbated by the different behaviors of multiple banks.&nbsp;<br>&nbsp;<br><strong>3. The main problem<\/strong><br> <br>Banks are also competitors. Banks may not have the same collateral quality, loan amount, maturity, guarantees, or recovery expectations.&nbsp;<br>Then each bank may naturally start thinking, &#8220;Let me collect first.&#8221; This is one of the most dangerous points in the restructuring process. Therefore, interbank coordination becomes critical in large cases. Structures such as agent banks, coordinating banks, or joint creditors&#8217; committees can play an important role here.&nbsp;<\/p>\n\n\n\n<p><strong>What banks are usually convinced of is not the story, but reliable recovery mathematics.<\/strong>&nbsp;<br>&nbsp;<br><strong>4. If there is a foreign parent company<\/strong><br><br>The bank&#8217;s behavior may differ even further. If there is a strong foreign group behind the Turkish subsidiary, the bank will ask: &#8220;Will the parent company really provide support?&#8221; And more importantly: &#8220;How much and under what conditions?&#8221; Here, the parent company&#8217;s offering of tools such as capital injection, shareholder loan, guarantee, letter of support, intercompany debt subordination can significantly facilitate the bank&#8217;s participation in the restructuring. However, instead of an open-ended commitment from the parent company such as &#8220;we will finance T\u00fcrkiye if needed,&#8221; a measurable and conditional support package is healthier.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-can-the-e-amp-e-group-assist-companies-during-restructuring-and-in-crisis-situations\">How can the E&amp;E Group assist companies during restructuring and in crisis situations?<\/h3>\n\n\n\n<p>E&amp;E Group, drawing on its extensive experience in T\u00fcrkiye over many years and as a reflection of its collaboration with <a href=\"https:\/\/valtusgroup.com\/\" data-type=\"link\" data-id=\"https:\/\/valtusgroup.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Valtus<\/a>, provides exceptional support to its clients by placing experienced, leading directors \u202fin \u202frestructuring projects using an &#8220;interim management&#8221; approach. This method allows companies to utilize qualified managers, whom they cannot employ internally due to various structural reasons, in a results-oriented manner. In this context, \u201cthe check-up method\u201d specifically developed by E&amp;E&#8217;s business partners is a valuable know-how for providing companies with support that is timely and cost-effective.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>At Valtus Alliance, we draw on a global network of restructuring experts because legislation, practices and stakeholder expectations vary significantly from country to country. In this interview, K\u0131van\u00e7 Ers\u00f6z, Founder and CEO of E&amp;E Group, our Valtus Alliance partner in T\u00fcrkiye, speaks with Nezih Tunali about how restructuring works in the country. Nezih is a [&hellip;]<\/p>\n","protected":false},"author":41,"featured_media":69985,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-69979","page","type-page","status-publish","has-post-thumbnail","hentry"],"featured_image_urls_v2":{"full":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570.png",1920,1080,false],"thumbnail":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570-250x250.png",250,250,true],"medium":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570-300x169.png",300,169,true],"medium_large":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570-768x432.png",768,432,true],"large":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570-1024x576.png",1024,576,true],"1536x1536":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570-1536x864.png",1536,864,true],"2048x2048":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570.png",1920,1080,false],"gform-image-choice-sm":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570.png",300,169,false],"gform-image-choice-md":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570.png",400,225,false],"gform-image-choice-lg":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570.png",600,338,false],"profile_24":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570-24x24.png",24,24,true],"profile_48":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570-48x48.png",48,48,true],"profile_96":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570-96x96.png",96,96,true],"profile_150":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570-150x150.png",150,150,true],"profile_300":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570-300x300.png",300,300,true]},"post_excerpt_stackable_v2":"<p>At Valtus Alliance, we draw on a global network of restructuring experts because legislation, practices and stakeholder expectations vary significantly from country to country. In this interview, K\u0131van\u00e7 Ers\u00f6z, Founder and CEO of E&amp;E Group, our Valtus Alliance partner in T\u00fcrkiye, speaks with Nezih Tunali about how restructuring works in the country. Nezih is a senior executive with more than 42 years of experience in C-level positions at internationally renowned companies across corporate finance, investment banking and the real economy. He has led and advised on numerous high-profile international M&amp;A, privatisation, investment and restructuring projects.&nbsp; Are there mandatory reports or&hellip;<\/p>\n","category_list_v2":"","author_info_v2":{"name":"Henriette Guttenbrunner","url":"https:\/\/mf.ag\/en\/author\/henriette\/"},"comments_num_v2":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.8 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Restructuring in T\u00fcrkiye &#187; VALTUS Management Factory<\/title>\n<meta name=\"description\" content=\"Discover how restructuring works in T\u00fcrkiye with insights from K\u0131van\u00e7 Ers\u00f6z, Founder and CEO of E&amp;E Group and Valtus Alliance partner.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mf.ag\/en\/restructuring-restructuring-in-turkiye\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Restructuring in T\u00fcrkiye\" \/>\n<meta property=\"og:description\" content=\"Discover how restructuring works in T\u00fcrkiye with insights from K\u0131van\u00e7 Ers\u00f6z, Founder and CEO of E&amp;E Group and Valtus Alliance partner.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mf.ag\/en\/restructuring-restructuring-in-turkiye\/\" \/>\n<meta property=\"og:site_name\" content=\"Management Factory\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-16T10:24:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mf.ag\/wp-content\/uploads\/2026\/10\/Website-Bilder-Neu-2026-10-16T103949.570-1024x576.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"16 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/mf.ag\\\/en\\\/restructuring-restructuring-in-turkiye\\\/\",\"url\":\"https:\\\/\\\/mf.ag\\\/en\\\/restructuring-restructuring-in-turkiye\\\/\",\"name\":\"Restructuring in T\u00fcrkiye &#187; 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