They won't get that chance. When the firm is put into administration those foreign loans will be written off, which pushes the loss home to where it belongs - people lending in dollars to entities that have unhedged income in lira.
The state/local investors then buy the firm out of administration with lira loans.
...which eliminates their ability to borrow money for several years. And that can have severe impacts on the trade that exists today as creditors scramble to seize Turkish assets held in foreign banks/ports/contracts.
It's a much much more destructive move than what you're describing.
Not really. It's a refinancing of the firm in a new structure. That happens all the time - with huge amounts of borrowed money.
Getting rid of deadweight loans and refinancing elsewhere is what administration is for, and what happens regularly.
In fact freeing up collateral and sending losses abroad makes a firm more creditworthy, not less.
This isn't really an option. No lender is going to exchange foreign denominated loans for Lira denominated loans during a currency crisis.
If he really cannot get the country's finances in order, he's better off just defaulting on all the loans, and starting fresh like Russia did.