Despite aircraft and helicopter sales, the Turkish Aeronautical Association (THK) is preparing to mortgage its assets to banks due to its inability to pay off its debts. Founded by Mustafa Kemal Atatürk in 1925, THK has been under trustee management since 2019.
The five-member Trustee Board of the institution (Kemal Yurtnaç, Ali Akyıldız, Fahrettin Kaya, Kaan Şahinalp, and Mustafa Cihan Feslihan) applied to the Ankara 9th Civil Court of Peace on September 22, 2025, requesting permission to establish a mortgage on THK-owned real estate.
Debt and Financial Restructuring
According to information reported by BirGün, the trustee board stated that debt installments due in June 2025 were partially unpaid due to financial difficulties. While the institution continues the sales process of eight CL-215 amphibious firefighting aircraft, it reached an agreement with Vakıflar Bank for debt restructuring.
Debt deferral: The periods of June, September, and December 2025 were postponed to March 26, 2026.
Condition of deferral: Mortgaging of THK’s real estate.
The Ankara 9th Civil Court of Peace approved the application on October 24, 2025, stating in its rationale that “if the financial restructuring agreement regarding the institution’s debts is breached, it would cause irreparable damages.”
THK Assets and Trustee Management
THK owns approximately 1,300 real estate properties across Turkey, including airports, hotels, business centers, and large land areas. The institution’s inventory still includes various aircraft.
Since 2019, the institution has been managed by a trustee, led by Kemal Yurtnaç. Yurtnaç previously served in the Governorship of Yozgat and as an advisor to the Prime Ministry and currently serves as the Chief Inspector at the Ministry of Interior.
