The Moscow and Istanbul offices of Dentons have advised the Black Sea Trade and Development Bank on its provision of a seven-year EUR 75 million loan to the Hayat Kimya Group for the construction of a new hygienic tissue and paper towel factory in Kaluga, Russia.

Alaz Eker Undar has been promoted to Partner and Head of the Banking & Finance practice at YBK in cooperation with CMS.

The "Regulation on the Conduct of Trials by Audio and Video Transmission in Civil Procedures" ["Regulation"] was published in the Official Gazette dated 30 June 2021 numbered 31527 and entered into force on the same date. The Regulation sets out the procedures of e-hearings, which have become more important due to the Covid-19 pandemic. According to Regulation, e-hearings will have the same legal consequences with the physical hearings.

Mediation is essentially a dispute resolution method; and an ancient institution throughout the history of mankind that is traditionally recognized in almost all societies. Instead of bringing an action before court; by applying mediation, the disputing groups [i.e., the villagers, townsfolk or members of a profession] discuss the issue with the assistance of a third person, and that third person assists parties in reaching a settlement. In this conventional system based on the fundamental principle of freedom of will, mediation is perceived to be an “alternative” dispute resolution method free from the coercive power of state. Such situation similarly appears in the settlement of disputes between the states.

Debt collection cases, driven by the ongoing currency crisis in Turkey, as well as shareholder and other partnership disputes, have been the main focus of the Guleryuz & Partners law firm of late, according to Partner Tarik Guleryuz.

It is a fact that international transactions - despite global disasters such as the Covid19 pandemic - continue inevitably and without slowing down. Hence, the scope of information exchange between countries on the assets of citizens and residents is also expanding, in order to ensure that the taxes are paid in the right amount to the right jurisdiction. Information exchange between countries matter not only for dual citizens but also for people who profit or make investments overseas.

On June 19, 2021, the Law No. 7327 Amending the Execution and Bankruptcy Law and Some Other Laws [“Amendment Law”] was published in the Official Gazette, and accordingly, significant amendments have been introduced to the Execution and Bankruptcy Law [“EBL”]. This client alert aims to outline these amendments.

The use of representation and warranty insurance, also known as M&A insurance and warranty and indemnity insurance [“R&W Insurance”], has grown in recent years to the stage where it has now become a standard feature of the cross- border M&A landscape. Estimates suggest that in the United States, the product was used in around 50% of the private acquisitions last year. Also, statistics pertaining to the year of 2019 indicate that the R&W Insurance was purchased in 49% of large deals having a value more than 100 million Euros in the European market. As is seen, R&W Insurance is frequently being used in M&A transactions and, in many respects, is now a mainstream.

Paksoy has advised the EBRD on its USD 50 million investment in green bonds issued by Turkey's QNB Finansbank.

Turunc and Goodwin Procter have advised virtual and hybrid experiences platform Hopin on its acquisition of onsite event platform Boomset. Ilhanli Baser and Koenig, Oelsner, Taylor, Schoenfeld & Gaddis advised Boomset on the deal.

The government announced a substantial change in bearer shares at the end of 2020, but the details were only finalised in April 2021. According to the new amendment, non-public joint stock companies are now obliged to register shareholders holding bearer shares.

BTS & Partners has advised freight tech startup Yolda on a USD 1.9 million seed round led by Speedinvest, Collective Spark, and prior angel investors including Marcus Mosen, Stefan Kalteis, and Florian Gschwandtner.

Paksoy has advised Kibar Holding on the sale of Assan Gida Sanayi ve Ticaret to Kraft Heinz Company. Esin Attorney Partnership advised Heinz on the deal.

Former Managing Associate Ozgur Guner has been promoted to Partner at Moral & Partners.

BTS & Partners has advised Veloxia Technology on a USD 3 million financing round led by Collective Spark.

GKC Partners and White & Case have advised Zorlu Yenilenebilir Enerji A.S. on its USD 300 million issuance of 9.00% senior secured notes due 2026. Paksoy advised global coordinator BofA Securities on the issuance.

Clifford Chance and Ciftci Attorney Partnership have advised Arcelik A.S. on its offering of EUR 350 million in 3.0% Green Bonds due 2026 on the Euronext Dublin Stock Exchange. Gedik & Eraksoy and Allen & Overy advised joint lead managers JP Morgan Securities plc, Merrill Lynch International, and MUFG Securities EMEA plc.

Merve Oney Barlas has joined Istanbul-based financial services provider DgPays as Chief Legal Officer.