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RESTRUCTURING

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Contents

04 OurFirm

05 OurFootprintinAfrica

06 OurRestructuringServiceLine

07 OurSpecialistServices

08 OurSignatureMatters

10 Accolades

12 KeyContacts

Restructuring

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CONTENTS PAGE

Our Firm

Bowmans is a leading Pan-African law firm. Our track record of providing specialist legal services, both domestic and cross-border, in the fields of corporate law, banking and finance law and dispute resolution, spans over a century.

WithsixofficesinfourAfricancountriesandover400specialisedlawyers,we

aredifferentiatedbyourgeographicalreach,independenceandthequalityoflegalservicesweprovide.

WedrawonouruniqueknowledgeoftheAfricanbusinessenvironmentandin-depthunderstandingofthesocio-politicalclimatetoadviseclientsonawiderangeoflegalissues.Ouraimistoassistourclientsinachievingtheirobjectivesassmoothlyandefficientlyaspossiblewhileminimisingthelegalandregulatoryrisks.

Ourclientsincludecorporates,multinationalsandstate-ownedenterprisesacrossarangeofindustrysectorsaswellasfinancialinstitutionsandgovernments.

Ourexpertiseisfrequentlyrecognisedbyindependentresearchorganisations.WehavebeennamedAfricaLegalAdviserbyDealMakersforthelasttwoconsecutiveyears(2014and2015)andSouthAfricanLawFirmoftheYearfor2016bytheWho’s Who Legal.MostrecentlywewontheBanking,FinanceandRestructuringTeamoftheYear,theEmploymentTeamoftheYear,andthePropertyTeamoftheYearAwardsattheprestigiousAfricanLegalAwardshostedby Legal WeekandtheCorporateCounselAssociationofSouthAfricain2016.

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BOWMANS

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Bowmans offices

Relationship firm

Francophone Africa coverage

Significant transaction

or advisory experience

Bowmans offices

Relationship firm

Francophone Africa coverage

Significant transaction or advisory experience

SOUTH AFRICA

MADAGASCAR

NIGERIA

KENYA

UGANDA

Bowmans offices

Relationship firm

Francophone Africa coverage

Significant transaction or advisory experience

SOUTH AFRICA

MADAGASCAR

NIGERIA

KENYA

UGANDA

WeprovideintegratedlegalservicesthroughoutAfricafromsixoffices

(Antananarivo,CapeTown,Durban,Johannesburg,KampalaandNairobi)infourcountries(Kenya,Madagascar,SouthAfricaandUganda).

WeworkcloselywithleadingNigerianfirm,UdoUdoma&Belo-Osagie,whichhasofficesinAbuja,LagosandPortHarcourt,andhavestrongrelationshipswithotherleadinglawfirmsacrosstherestofAfrica.

WeprovidecoverageoffrancophoneOHADAjurisdictionsacrossthecontinent(includingBenin,BurkinaFaso,Burundi,Cameroon,CentralAfricanRepublic,Chad,CongoRepublic,DemocraticRepublicofCongo,Gabon,Guinea,IvoryCoast,Mali,Mauritania,Niger,Rwanda,SenegalandTogo)fromourofficeinMadagascar.

WearerepresentativesofLexMundi,aglobalassociation,withmorethan160independentlawfirmsinallthemajorcentresacrosstheglobe.Thisassociationgivesusaccesstothebestfirmsineachjurisdictionrepresented.

Our Footprint in Africa

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Restructuring

Restructuringisbroaderthanformalbankruptcyorliquidationprocesses.Restructuringcommencesasearlyascovenantre-settingand‘amendandextend’discussions,continuesthroughdefaultand/orforbearancesorwaiversofdefault,consensualsolutionssuchasrefinancing,saleofnon-coreassets,cashinjectionsandrestructuringofthebusinessorequity,throughtoformalprocessessuchasschemesofarrangementandcompromise,andultimatelybusinessrescueandliquidation.

Weareuniquelyplaced

toadviseonthefull

rangeofissuesthatmay

arisethroughoutany

restructuringprocess.

OurrestructuringandinsolvencyspecialistsworkcloselywithexpertlawyersinourBankingandFinanceandCorporateDepartmentstoprovideacomprehensiveservice.

Weareabletodrawonin-houseexpertiseinotherareasthatmayberequiredinacomplexrestructuringincluding:regulatorylaw(particularlyinsectorssuchasmining,pharmaceuticalsandhealthcareandtechnology,mediaandtelecommunications),tax,pensionsandemploymentlaw,competitionandmergercontrolandrealestate.

WealsohaveEnglishlawqualifiedpractitionerstoadviseonforeignlistedfacilitiesanddebtinstruments.

Wehaveconsiderableexperienceincross-borderrestructuringsthatinvolvesimultaneousinsolvencyfilingsinmultiplejurisdictions.Ourteammembershavealsoadvisedonmanypan-Europeanandco-ordinatedUS/Europerestructurings.

Our Restructuring Service Line

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BOWMANS

• Contingencyplanning• Standstillandforbearancearrangements• Debtrestructuringandrescheduling–both

creditor-ledanddebtor-led• Refinancingoffinancefacilities• Directors’dutiesduringperiodsoffinancial

distressandrestructurings• Dealingwithauditorconcernsregarding

‘goingconcern’statusandrelatedissues• Equitycapitalraisingandrestructuring• DistressedM&Atransactions• Formalrestructuringproceduressuchas

-schemesofcompromise -schemesofarrangementanddebt

equityswaps -exchangeoffers -businessrescue -liquidation• Cross-borderrestructurings,particularly

cross-bordergrouprestructuringsthatinvolvesimultaneousinsolvencyfilingsinmultiplejurisdictions

• Investigation,assettracingandinsolvencylitigation

Our Specialist Services

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Restructuring

Thenatureofourclientsandrangeofmatterswehaveactedforthemonareindicativeofthewealthofourrestructuringexperience.

AFRICA Wehaveactedfor:

• Listedsteelmineandproducer,EvrazHighveldSteelandVanadiumLtd(anditsBoardofDirectors),onallaspectsofitsbusinessrescueprocess.

• StandardCharteredBanktogetherwithCreditSuisseAG,whowereprincipallenderstoGreatBasinGold,alistedCanadianminingcompanywhichownedtwomines,oneinNevadaandoneinJohannesburg.GreatBasinGoldandbothmine-owningsubsidiarieswereplaced,simultaneously,intocross-borderbankruptcyproceedings:voluntarycompanycreditorsarrangementinCanada,chapter11bankruptcyinNevada,andbusinessrescueinSouthAfrica.Priortotherestructuring,theSouthAfricancreditors’claimsexceededZAR11billion.ThefinalrestructuringinvolvedthesaleofthesharesintheSouthAfricansubsidiarytoanotherlistedmininggroup,thecompromiseofcertaindebt,therefinancingofotherdebtandtheintroductionofnewfinancefacilities.

• AsignificantstakeholderintheEdconGroup’slong-termrestructuringofitsdebt,operationsandcapitalstructure.TheEdconGrouphasacomplicatedcapitalstructureinvolvingtermlenders,varioustranchesofEuroandRanddenominatednotes,hedgingarrangementsandjunior,seniorandsubordinateddebt,acrossmultiplejurisdictions.DebtbeforerestructuringwasinexcessofZAR30billion.

• TheNationalTreasuryinrelationtotherestructureofAfricanBankLtdandinrespectoftheresolutionplanannouncedbytheGovernoroftheSouthAfricanReserveBankon10August2014.

• TheOverseasShipholdingGroup,Inc(oneofthelargestshippingtankergroupsintheworld;listedontheNewYorkStockExchange)andits180subsidiariesinanurgentprecedent-makingcourtapplicationtorecogniseitsUSbankruptcyinSouthAfricaandtoapply,withfullforceandeffect,theautomaticstayprovidedforinsection362oftheUSBankruptcyCode,inSouthAfrica.

• TheWorldBankinthecapacityasa‘peerreviewer’ofanassessmentandreportitwasconductingontheInsolvencyandCreditorRightsoftheSouthAfricaninsolvencyregime.

• AfriSam,ontherestructuringofitsfinancialindebtednesscomprisingEUR1billionhighyieldseniorsecurednotes,ZAR8.5billionPIKfacility,ZAR1billionhedgingliabilities,ZAR5billionpreferenceshareliabilitiesandZAR500millionrevolvingcreditfacilitiesandtheintroductionofnewZARseniordebtfacilitiesofZAR5billiontorefinancecertainofthefinancialindebtednessofAfriSam.

• PeermontGlobalGroupinrelationtoitsraisingofZAR5.3billionofnewdebtandtheassociatedrecapitalisationandrestructuringofthehospitalityandgaminggroup.

• ThebankruptcyadministratorofLehmanBrothersEuropeontheeffectoftheadministrationontheunsettledtradesontheSouthAfricanStockExchangeviatheSTRATEsettlementsystem.

Our Signature Matters

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BOWMANS

• Chrysler(inChapter11Bankruptcy)onthecreationofapledgeoverSouthAfricanassetsassecurityfortheloanadvancedtoChryslerbytheTreasuryDepartmentoftheUnitedStatesofAmericaunderthestimulusplan.

INTERNATIONAL

• Wehaveadvisedthefullspectrumofstakeholdersinrestructurings,includingadvisingshareholdersofEuropeanDirectories,bondholdersofamajorUKhousebuilder,BAA,LehmanBrothersTreasury,WindHellasandseniorlendersofEircom.

• Europeanrestructurings:wehaveactedforCabovisao,EuropeanDirectories,Eurotunnel,GAL,Jallatte,Nybron,WindHellasandvariousautomotivetiertwomanufacturersandvariousGermantelecomcompanies.

• USrestructurings:wehaveworkedonmanymajorChapter11caseswithEuropeanoperationsincluding,amongstothers:Collins&Aikman(includingpanEuropeanUKadministrationorders),DuraAutomotive,JLFrench(includingaUKadministration),LearCorporation,ReadersDigest,SeaContainers(whichalsoinvolvedUKandBermudaschemesofarrangement),SIRVA,UnitedAirlinesandVisteon.

• WehavealsoadvisedmajorUKplcsregarding:

-potentialliabilitiesarisingoutofinsolventcounterparties;

-generalrestructuringoptions;and -howtoaddressexposureto

definedbenefitpensionliabilities.

• DistressedM&Atransactions:weactedforthepurchasersofChesapeake(outofUSChapter11proceedings),DawnayDay(outofUKadministration)andWaterfordWedgwood(outofUKadministrationandIrishexaminership).

• Additionalrestructuringexperiencehasincludedacting:

-onvariousSIVs(where,inmanycases,wehaveadvisedtheTreasuryDepartmentofaEuropeanState);

-forjuniorcreditorsonBAAandFourSeasons;

-fornewmoneyprovidersonMonier; -forbondholdersonTXU,TMDFriction,

GAL,Akerys,SchefenackerandFortuneManagement;

-forinsolvencypractionersonGlobalTrader,JLFrenchandKBAlloys;and

-forshareholdersonRobertDyas,CodeMasters,PublicSafetyEquipment,KremikovtziandEuropeanDirectories.

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Restructuring

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Accolades

AFRICAN LEGAL AWARDS 2016WereceivedtheawardsforBanking,FinanceandRestructuringTeamoftheYear,EmploymentTeamoftheYearandPropertyTeamoftheYear.

DEALMAKERS AWARDS 2016WehavebeenidentifiedastheleadinglegaladviserinAfricabybothdealvalueandnumberoftransactions.WewerealsorankedthirdinSouthAfricaformergersandacquisitionsbydealvalue.

INTERNATIONAL LAW OFFICE CLIENT CHOICE AWARDSWewontheawardforSouthAfricafor2005,2006,2008,2011andagainin2015.

WHO’S WHO LEGAL AWARDS 2016WewerenamedSouthAfricanLawFirmoftheYear.

INDIA BUSINESS LAW JOURNAL 2016WewereidentifiedasoneoftheleadinginternationallawfirmsforIndiawork.

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BOWMANS

49 RecognisedLawyers30 Recognised

Lawyers57 RecognisedLawyers

BAND 1

KENYA

Banking&FinanceCommercial,Corporate&M&ARealEstate&Construction

SOUTH AFRICA

Commercial,Corporate&M&ACompetitionConstructionLabour&EmploymentProjects&InfrastructureShipping&Transport

BAND 2

KENYA

DisputeResolutionProjects&Energy

SOUTH AFRICA

Banking&FinanceDisputeResolutionInvestmentFundsRealEstateTax

TIER 1

KENYA

MiningCorporate&Financial

SOUTH AFRICA

CapitalMarketsCompetitionEnergyM&A

UGANDA

Energy&InfrastructureFinancial&Corporate

TIER 2

KENYA

EnergyFinancial&CorporateInfrastructure

SOUTH AFRICA

BankingInfrastructureMiningOil&GasProjectFinance

BAND 1

KENYA

Banking&FinanceCorporate/CommercialSOUTH AFRICA

CapitalMarkets:DebtCapitalMarkets:EquityCompetitionConstructionCorporateInvestigationsCorporate/M&AEmploymentEnvironmentIT/TelecommunicationsProjects&Energy

UGANDA

GeneralBusinessLaw

BAND 2

MADAGASCAR

GeneralBusinessLaw

SOUTH AFRICA

Banking&FinanceDisputeResolutionMedia&BroadcastingTax

THE LEGAL 500 EMEA 2016 RANKED US IN THE FOLLOWING AREAS

CHAMBERS & PARTNERS 2016 RANKED US IN THE FOLLOWING AREAS

IFLR1000 2017 RANKED US IN THE FOLLOWING AREAS

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Restructuring

Key Contacts

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RICHARD HARNEY

ManagingPartner,KenyaNairobi,Kenya

T: +254202899000E: richard.harney@bowmanslaw.com

CLAIRE VAN ZUYLEN

HeadofRestructuringJohannesburg,SouthAfrica

T: +27116699406E: claire.vanzuylen@bowmanslaw.com

JAMES MCKINNEL

HeadofDisputeResolutionCapeTown,SouthAfrica

T: +27214807820E: james.mckinnell@bowmanslaw.com

ASHLEIGH HALE

Co-HeadofCorporateJohannesburg,SouthAfrica

T: +27116699342E: ashleigh.hale@bowmanslaw.com

ULRIKE NAUMANN

HeadofFinanceJohannesburg,SouthAfrica

T: +27116699377E: ulrike.naumann@bowmanslaw.com

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BOWMANS

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To view profiles of our lawyers,

please visit www.bowmanslaw.com

ADAM HARRIS

PartnerCapeTown,SouthAfrica

T: +27214807837E: adam.harris@bowmanslaw.com

PETER WHELAN

PartnerCapeTown,SouthAfrica

T: +27214807900E: peter.whelan@bowmanslaw.com

PHILIP COULSON

PartnerNairobi,Kenya

T: +254202899000E: p.coulson@bowmanslaw.com

LYNDON NORLEY

ConsultantCapeTown,SouthAfrica

T: +27214807905E: lyndon.norley@bowmanslaw.com

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BOWMANS

The Value of Knowing We know Africa. We acknowledge our vast potential. We understand that diversity is our strength. We embrace a collective future. We strive for the highest standards. Because, we have walked the path of experience, We can leverage what we have learnt: To discover what lies obscure, To unlock unknown potential, To lay the path towards true prosperity. We believe that in Africa, true value lies in knowing.

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