New Developments
The expected Law No. 7491 on Amendments to Certain Laws and Decree Laws (“Omnibus Law“) entered into force upon its publication in the Official Gazette dated 28 December 2023 and numbered 32413. The Omnibus Law introduces, among other things, an important regulation on financial restructuring (“Restructuring“).
What Does the Omnibus Law Mean?
According to the Omnibus Law, the Restructuring provisions stipulated in the Provisional Article 32 of the Banking Law No. 5411 will continue to be applied for two more years as of 28 December 2023, and the President will have the power to extend this period for another two years.
Conclusion
Thanks to the Omnibus Law, for at least two more years, companies will be able restructure their financial indebtedness owed to banks and other financial institutions in a faster and more practical manner through framework agreements.
You can access our legal alerts regarding Restructuring and Restructuring provisions here.
