Egemenoglu Advises Derindere Turizm Otomotiv Sanayi ve Ticaret A.S. on its Second Round of Consolidated and Syndicated Loan Restructuring 28 December 2021
As Egemenoğlu Law Firm, we are pleased to announce that we have successfully concluded the second phase of the Financial Restructuring Project developed by our Restructuring Team, under the leadership of our Managing Partner Yunus Egemenoğlu, while we represented and advised Derindere Group, a pioneer in the fleet vehicle leasing industry of Turkey which was ranked, in 2019, as the 76th largest company by Turkey Fortune 500, with respect to the second round of the consolidated and syndicated loan restructuring of its debt amounting up to €350 million, held by numerous financial institutions (29, to be precise, including such giants as Credit Europe Bank, and Islamic Corporation for the Development of the Private Sector).
Other News
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23.10.2025
The Obligation for the Principal and Subcontractor Employers to Jointly Participate in Mediation Has Been Annuled by the Constitutional Court
An important Constitutional Court decision has been published regarding the mediation process that an employee can apply to with a request for reinstatement after the termination of employment relations in the workplace. The Constitutional Court ruled that the provision in paragraph (15) of Article 3 of the Labor Courts Law No. 7036, which states, "In cases where there is a principal employer-subcontractor relationship, for a request for reinstatement to be submitted to a mediator, the employers must participate in the mediation talks together and their intentions must be compatible for an agreement to be reached," is unconstitutional. The decision was published in the Official Gazette dated October 17, 2025, and numbered 33050.
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22.10.2025
The Constitutional Court Has Annulled The Provision Granting The President Authority To Restrict Foreign Exhange And Money Movements!
In its decision No. 2024/193 Merits 2025/136 Decision1 dated 17 June 2025 ("Decision"), published in the Official Gazette on 15 October 2025, the Constitutional Court ("Court") annulled Article 1 of Law No. 1567 on the Protection of the Value of the Turkish Currency ("Law"). The annulled provision had stated that: "The President is authorized to make decisions for the regulation and restriction of the export from or import into the country of currencies, securities, and bonds, and of the purchase and sale of foreign exchange, cash, securities, bonds, precious metals, precious stones, and any goods and valuables made of or containing them; as well as of commercial papers and all means and instruments used for payment, and to take decisions aimed at protecting the value of the Turkish currency."
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20.10.2025
Seizure of Property Belonging to Persons Other than the Debtor and Protection of Legal Rights
In enforcement proceedings, the seizure of property that does not belong to the debtor but rather to third parties is a situation frequently encountered in practice that leads to significant aggrievements. Uncertainties arising from property regimes complicate ownership relations, making it difficult to accurately determine to whom the property belongs during enforcement measures. Within this framework, when seizure is imposed on property belonging to the debtor's spouse or another third party, the most important legal remedy is the ownership claim (assertion).
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19.10.2025
Mergers and Acquisitions and the Notification Obligation within the Framework of Competition Law
Mergers and acquisitions (M&A) are at the center of the growth and restructuring strategies of companies. These transactions, serving the purpose of companies to expand both nationally and internationally to increase their market shares or to enter into new markets, not only give rise to economic and commercial consequences but also carry the potential to directly affect the competition dynamics in the relevant market. Therefore, merger and acquisition transactions may affect the competition structure in the market. In this respect, while M&A transactions create strategic opportunities, they are also among the areas carefully scrutinized by regulatory authorities to preserve competitive order.
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16.10.2025
Important Amendment to the Organized Industrial Zones (OIZ) Implementation Regulation: Additional Time Granted To Participant
Published in the Official Gazette No. 33050, dated October 17, 2025, the "Regulation Amending the Organized Industrial Zones Implementation Regulation" introduces a new Provisional Article 13 to the existing regulation.This new provision allows OIZ participants who have not yet obtained a building permit or a workplace opening and operating license to apply for an extension period under certain conditions.
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14.10.2025
Current Status Of The Obligation To Maintain Commercial Books In Electronic Form
1. INTRODUCTION With the Communiqué Amending the Communiqué on Keeping Commercial Books Not Related to the Accounting of the Enterprise in Electronic Form, published in the Official Gazette dated September 20, 2025 and numbered 33023 (“Amendment Communiqué”), significant amendments have been introduced to the Communiqué on Keeping Commercial Books Not Related to the Accounting of the Enterprise in Electronic Form, published in the Official Gazette dated February 14, 2025 and numbered 32813 (“Communiqué”).
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24.9.2025
Social Security Procedures To Be Carried Out By The Employer Following A Reinstateme
Upon receiving notification of a final and binding reinstatement decision, if the employee communicates their intention to return to work within 10 business days, the employer may either reinstate the employee or refuse reinstatement by paying both the four months' idle period wages determined by the court and the compensation for non-reinstatement. As seen, the employer has two alternative courses of action in this situation; however, the procedures to be carried out before the Social Security Institution (SGK) differ in each case.
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18.9.2025
The Court of Cassation has Ruled That The Competent Court Fot Cases Brought On The Grounds Of Volation Of The Non-Competition Clause Is The Commercial Court of First Instance
1. Introduction The duty not to compete is a type of loyalty obligation owed by the employee to the employer. The employee undertakes not to compete with the employer during the term of the employment contract as part of their loyalty obligation. However, Turkish law does not contain any legal provisions prohibiting the employee from competing with the employer after the employment contract has ended. However, the parties may freely agree that the employee will not compete with the employer after the termination of the employment contract. Articles 444-447 of the Turkish Code of Obligations also contain provisions and restrictions regarding non-competition agreements that may be established between the employee and the employer.
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15.9.2025
Transfer Fee: Legal Characterization and Practical Application
1. Introduction The concept of a transfer fee is not directly defined in the Turkish Labor Code; its framework and legal nature in practice have largely been shaped by the decisions of the Court of Cassation (Turkey). This practice, which arises particularly in sectors with intense competition and limited skilled labor, is a type of payment that employers must carefully consider within the scope of their employment policies.
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4.9.2025
Competition in the Labor Market: HR Practices to Avoid
The Turkish Competition Authority ("Authority"), which is entrusted with ensuring the proper functioning of markets, identifying practices that restrict competition, and imposing sanctions against infringements, operates under Law No. 4054 on the Protection of Competition ("Law") without distinction between input and output markets. Labor markets have recently emerged as one of the primary arenas in which entities compete in input markets and, with the influence of various additional dynamics, have become a market increasingly prioritized by the Authority. The Guidelines on Competition Violations in Labor Markets ("Guidelines"), adopted by the Authority on November 21, 2024, serve as an important reference for the prevention of competition infringements in labor markets. In this bulletin, in light of the Guidelines and decisions of the Competition Board ("Board") within the Authority, (i) the fundamental principles and information regarding the application of competition law to labor markets, and (ii) the main prohibited practices to be observed when competing in labor markets will be addressed.
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28.8.2025
Does An Employee's Extended Period Of Sick Leave Grant The Employer The Right To Terminate The Emploment Contract?
In employer-employee relations, the direct impact of long-term medical reports on the status of the employment contract holds critical importance for both employees and employers. In particular, uninterrupted periods of sick leave lasting for a certain duration are regulated under Article 25/I(b) of the Labour Law as a specific provision that grants the employer the right to immediate termination for just cause and determines the rights to be granted to the employee. In this context, how the employer may exercise the right of termination for just cause following the employee's extended medical leave and the legal basis of this process should be examined in detail.
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26.8.2025
Regulation On Direct Selling Was Published
The Regulation on Direct Selling ("Regulation"), issued by the Ministry of Trade ("Ministry") pursuant to Articles 47/A and 84 of the Consumer Protection Law No. 6502, was published in the Official Gazette dated 08.08.2025 and numbered 32980, thereby entering into force.
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17.8.2025
SMS Verification Codes and the Personal Data Protection Board's Guideline Decision No. 2025/1072
The Personal Data Protection Board's Guideline Decision dated 10 June 2025 and numbered 2025/1072 introduces significant regulations regarding personal data processing activities conducted through SMS verification codes, which have become a widespread practice in commercial life. The decision requires significant adjustments to customer relationship management, particularly in the service and retail industries.
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10.8.2025
Mergers And Acquisitions Of Companies Engaged In Renewable Energy Gereration
In recent years, notable developments in Turkey's electricity market have extended beyond investments aimed solely at increasing generation capacity. The sector has also come into focus through strategic investments and merger and acquisition (M&A) transactions involving companies operating in the field of renewable energy.
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30.7.2025
Annual Leave, Severance Pay, and Notice Pay in Part - Time Employment Contracts
Part-Time Employment Contract Article 13 of the Labor Law No. 4857 defines a part-time employment contract as "a contract in which the employee's normal weekly working hours are significantly less than those of a full-time employee performing similar work."
