Banks have taken majority ownership of Turk Telecom in a fully consensual US$4.75bn financial restructuring of Turkish holding company Otas, which owns a 55% stake in Turk Telekom. The deal closed on December 21 and sets many precedents for the Turkish restructuring market.
Corporate debt restructurings are set to become much more expensive as the market turns and the end of easy money heralds the start of increasingly complex and costly workouts.
As the end of cheap money pushes the restructuring market into a new cycle, one firm rode the crest of the burgeoning wave of global restructuring negotiations in 2018 as the geographical growth of its practice in the lean years bore impressive fruit. Houlihan Lokey is IFR’s Restructuring Adviser of the Year.