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RESTRUCTURING

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BOWMANS

Contents

04 OurFirm

05 OurFootprintinAfrica

06 OurRestructuringPractice

07 OurSpecialistServices

07 OurSignatureMatters

10 KeyContacts

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Restructuring

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Our Firm

WithsevenofficesinfiveAfricancountriesandover400specialisedlawyers,we

drawonouruniqueknowledgeofthebusinessandsocio-politicalenvironmenttoadviseclientsonawiderangeoflegalissues.

Everywherewework,weofferclientsaservicethatuniquelyblendsexpertiseinthelaw,knowledgeofthelocalmarketandanunderstandingoftheirbusinesses.Ouraimistoassistthemtoachievetheirobjectivesassmoothlyandefficientlyaspossiblewhileminimisingthelegalandregulatoryrisks.

Ourclientsincludecorporates,multinationalsandstate-ownedenterprisesacrossarangeofindustrysectorsaswellasfinancialinstitutionsandgovernments.

Ourexpertiseisfrequentlyrecognisedbyindependentresearchorganisations.WewererankedfirstbydealvalueandsecondbydealcountinMergermarket’s2018Africaleaguetablesforlegaladvisors.WereceivedawardsinfiveoutofsixcategoriesattheDealmakersEastAfricaAwardsfor2018:toplegaladviserinM&Aforbothdealflowandvalue,toplegaladviserinGeneralCorporateFinanceforbothtransactionflowandvalue,andadvisedontheDealoftheYear.IntheDealmakers SouthAfricaAwardsfor2018,wewereplacedfirstfordealflowintheGeneralCorporateFinancecategory.

WewerenamedSouthAfricanLawFirmoftheYearfor2018intheChambersAfricaAwardsforExcellence.Wealsoreceivedthe2019awardsforTransportationandInfrastructureTeamoftheYearandTMTTeamoftheYearattheAfricanLegalAwardshostedbyLegal Week andtheCorporateCounselAssociationofSouthAfrica.

Bowmans exists to help our clients overcome legal complexity and unlock opportunity in Africa. 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.

BOWMANS

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Our Footprint in Africa

WeprovideintegratedlegalservicesthroughoutAfricafromsevenoffices

(CapeTown,DaresSalaam,Durban,Johannesburg,Kampala,MokaandNairobi)infivecountries(Kenya,Mauritius,SouthAfrica,TanzaniaandUganda).Weworkcloselywithouralliancefirm,AmanAssefa&AssociatesLawOffice,inEthiopia,andourbestfriendsinNigeriaandMozambique(UdoUdoma&Belo-OsagieandTacianaPeãoLopes&AdvogadosAssociados,respectively).WealsohavestrongrelationshipswithotherleadinglawfirmsacrosstherestofAfrica.WearerepresentativesofLexMundi,aglobalassociationwithmorethan160independentlawfirmsinallthemajorcentresacrosstheglobe.Thisassociationgivesusaccesstothebestfirmsineachjurisdictionrepresented.

Mozambique

Kenya

Tanzania

South Africa

Nigeria

Uganda

Mauritius

Best friends

Bowmans offices

Significant transaction or advisory experience

Alliance firms

Ethiopia

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Restructuring

Weareuniquelyplacedtoadviseonthefullrangeofissuesthatmayarisethroughoutanyrestructuringprocess.Restructuringisbroaderthanformalbankruptcyorliquidationprocesses.Itincludescovenantre-setting,‘amendandextend’discussions,forbearancesorwaiversofdefault,consensualsolutionssuchasrefinancing,saleofnon-coreassets,cashinjectionsandrestructuringofthebusinessorequityaswellasformalprocessessuchasschemesofarrangementbusinessrescueandliquidation.

OurRestructuringPracticeoperatesasanintegratedteamacrossallourofficesandpracticestoprovideourclientswithauser-friendlyengagementmodelandserviceofaconsistentlyhighquality.

Weoffer:

• comprehensiveexperiencerangingfrominformalwork-outs,bankfacilityextensions,covenantamendments,consensualrestructurings,schemeofarrangement,administrationordersandformalinsolvencymeasuressuchasliquidation;

• significantcross-borderrestructingexperienceinEuropeandtheUSorwhereanyofthecreditorsorstakeholdersareEuropeanorUSbased;

• expertiseincomplexdomesticandcross-borderfinancetransactions;

• extensiveknowledgeofleveragedandacquisitionfinance,structuredfinance,capitalmarkets,projectsandinfrastructure,realestatefinance,tradeandexportfinance,commoditiesfinance,derivatives,securitisation,preferencesharefinance,subordinateddebtandinsolvencyandrestructuring;

• Englishlawqualifiedpractitionerstoadviseonforeignlistedfacilitiesanddebtinstruments.

• anabilitytohandlethelargestandmosttime-criticalofcorporatelegalmattersandtransactionsasaresultofoursize,resourcesandbreadthofskillscombinedwithourcommunications,facilitiesandgeographicspread;

• experienceofadvisingonmanyofthecontinent’sground-breakingcorporatetransactionsaswellassignificantcorporatereorganisations;

• well-respecteddisputeresolutionexpertiseandextensiveexperienceincourtdriveninsolvencyproceedingsaswellasarangeoflitigationandlitigationtacticsoftenrequiredinrestructurings;

• knowledge,experienceandadepthandbreadthoftaxlawskillsthatfewareabletomatch;and

• theabilitytodrawonin-houseexpertiseinotherareasthatmayberequiredinacomplexrestructuringincluding:regulatorylaw(particularlyinsectorssuchasmining,pharmaceuticalsandhealthcareandtechnology,mediaandtelecommunications),pensionsandemploymentlaw,competitionandmergercontrolandrealestatelaw.

WehaveexperienceadvisingonawiderangeoftransactionsthroughoutAfricaandconsiderableexperienceincross-borderrestructuringsthatinvolvesimultaneousinsolvencyfilingsinmultiplejurisdictions.Thisextendstoadvisingonpan-Europeanandco-ordinatedUS/Europerestructurings.

OurclientsincludelargenationalclientsinAfricanjurisdictionswherewehaverepresentation,aswellasmultinationalsandinternationallawfirmsactingontheirbehalf,non-governmententities,governments,state-ownedentitiesandfinancialinstitutions.

Our Restructuring Practice

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• Contingencyplanning• Cross-borderrestructurings,particularly

cross-bordergrouprestructuringsthatinvolvesimultaneousinsolvencyfilingsinmultiplejurisdictions

• Dealingwithauditorconcernsregarding‘goingconcern’statusandrelatedissues

• Debtrestructuringandrescheduling–bothcreditor-ledanddebtor-led

• Directors’dutiesduringperiodsoffinancialdistressandrestructurings

• DistressedM&Atransactions• Equitycapitalraisingandrestructuring• Formalrestructuringproceduressuch

asschemesofcompromise,schemesofarrangementanddebtforequityswaps,exchangeoffers,businessrescueandliquidation

• Investigation,assettracingandinsolvencylitigation

• Refinancingoffinancefacilities• Standstillandforbearancearrangements

Our Specialist Services

“Always well prepared,

provides clear and succinct

tactical advice, have good

negotiation skills and

an excellent commercial

understanding. They’re

never late on deliverables

and always put sufficient

resources into the project.”

– Chambers & Partners, 2019

INTERNATIONAL EXPERTISE

WehaveadvisedonmanyEuropeanrestructurings,actingforthedebtorcompanyorgroup,privateequityownersorcreditors,onseniorandjuniorbankandbonddebtaswellasUSChapter11proceduresinrelationtoEuropeansubsidiaries.

Ourworkhascoveredabroadspectrumofindustries,sectorsandbusinesses.

AFRICA Someofourrecentexperienceincludesadvising/actingfor:

• AcreditoroftheWaterbergCoalProject,onitsbidfortheassetsoftheentityinbusinessrescue;

• AfinancialinstitutionintheclassactionbroughtagainstnumerouspartiesintheSteinhoffrestructuring;

• ApotentialpurchaserofOptimumCoalfrombusinessrescuepractitioners;

• AsignificantgroupofEuropeandebtinvestmentholdersontheSteinhoffrestructuring;

• AsignificantstakeholderintheEdconGroup’slong-termrestructuringofitscomplexdebt,operationsandcapitalstructure;

• AbsaBankontheliquidationofMayfairSpeculators;

• AfribrandGrouponsecurityclaimedbyaconsortiumofcreditors;

• AfriSamontherestructuringofitsfinancialindebtedness;

Our Signature Matters

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Restructuring

• AlexanderForbesEquityHoldingsanditssubsidiariesontheUgandanlawaspectsoftherestructuringofitscapitalstructure;

• AnoffshoreclientoninsolvencyaspectsrelatingtoatenderinvolvingoneofSouthAfrica’slargestaeroplanechartercompanies;

• ARMCoalontherestructuringofitsexistingloananddebtarrangementswithGlencore;

• ArrisGlobalandArrisSouthAfricaontherestructuringoffundingadvancedtooneofitsmainsuppliers;

• AthiRiverMiningLtdonitscapitalrestructuringandliquidityissues;

• BankofUgandaontheinsolvencyofCraneBank;

• BankofUgandaontheinsolvencyofGreenlandBank,CooperativeBank,andInternationalCreditBank;

• CellConitslargeandcomplexdebtandequityrestructure;

• CertainshareholdersanddirectorsofImperialBank(inreceivership)(IBL)Kenyaonbankrescueoptions;

• ChaseBankKenyaLtd(inreceivership)inrelationtovariouscounterparties;

• ContinentalCoalLtdandtwoofitssubsidiaries(MashalaResourcesandPenumbraCoalMining)onvariousaspectsofthebusinessrescueofallthreeoftheseentities;

Bowmans is “at the

forefront of contentious

restructuring, insolvency

and receivership matters”.

– Legal 500, 2018

• Deacons(EastAfrica)plconvariousoptionsofbusinessrecoveryincludingadministration;

• dfcuBankasreceiver/managerofDaoMarbleLtd(inreceivership)fortherecoveryofUSD15million;

• dfcuBankasreceiver/managertorecoversumsduefromNtindaViewCollege;

• dfcuBankasreceiver/managertorecoverUGX7billionandUSD1millionfromNdiburungiSugarWorks;

• EnergyServicesUgandaonitsderegistrationinUganda;

• EvrazHighveldSteelandVanadiumonallaspectsofitsbusinessrescueprocess;

• FidelityCommercialBankanditsshareholdersonanacquisitionbySBMAfricaHoldingsfollowingliquidityissues;

• GoldentreeAssetManagementLPontheacquisitionofamajoritystakeinthePeermontGroupandtherestructuringandrefinancingofPeermontGlobal(anditsdirectandindirectsubsidiaries);

• GulfStreamInvestmentsUgandainliquidationproceedingsfortherecoveryofUSD807,628fromNakumatt(U);

• HospitalityPropertyFundLtd,ontheamendmentandrestatementofitsDMTNprogramme,andtherestructureoftheHospitalityGroup’sexistingsecuritystructure;

• InvestecAssetManagement,Nedbank,SanlamCapitalMarkets,SanlamCreditConduit,SanlamInvestmentManagementandBlueInk-UbatoronthedebtrestructuringandsaleofTheHouseofBusby;

• KenyaAirwaysplconallaspectsofitsUSD2.2billionsolventandinter-conditionaldebtandequitycapitalrestructuring;

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• LafargeHolcimonthepotentialrestructuringoftheEastAfricanPortlandCementCompanyLtd;

• LehmanBrothersEuropeontheeffectoftheadministrationontheunsettledtradesontheSouthAfricanStockExchangeviatheSTRATEsettlementsystem;

• NestleUgandaonitsvoluntaryliquidationinUganda;

• Norfund,Responsibility,Sanlam,InvestecAssetManagementandvariouslargeSouthAfricanandinternationalinvestmentanddevelopmentfunds(IncludingSouthAfricanstateowneddevelopmentfunds)onthecomplexrestructuringofthedomesticandinternationallistedandunlisteddebtinstrumentsissuedbyRealPeopleInvestmentHoldings;

• OgerTelecomonthedisinvestmentofitsmajoritystakeinthethirdlargesttelecomsoperatorinSouthAfrica,CellC;

• PeermontGlobalGrouponitsraisingofZAR5.3billionofnewdebtandtheassociatedrecapitalisationandrestructuringofthegroup;

• PPConitsZAR4billionrightsofferandfinancialrestructuring;

• ShipholdingGroupIncinanurgentprecedent-makingcourtapplicationtorecogniseOSG’sUSbankruptcyinSouthAfricaandtoapplyinSouthAfrica,withfullforceandeffect,theautomaticstayprovidedforinSection362oftheUSBankruptcyCode;

• SpenconServicesinpresentingrecognitionproceedingsundertheInsolvencyAct,Uganda;

• StyleIndustries,CanonChemicalsandCharmIndustriesininsolvencyproceedingsforthewindingupofNakumattHoldings;

• TAMOILEastAfricaonitsbusinesswindingupproceedings;

• ThelargesttradecreditorinthewindingupoftheCNAGroup;

• TheliquidatorsonvariousaspectsofsaleofthePamodzigoldmines;

• Themonitorappointedbyorderofcourt,tojointlymanagetheFedbondcollectiveinvestmentscheme;

• TheNationalTreasuryontherestructureofAfricanBankLtd;

• TheprincipallenderstoGreatBasinGold,alistedCanadianminingcompany;

• UchumiSupermarketsinthepetitionforthewindingupofitsoperationsinUganda;

• UgandaBankers’Associationontheoperationsofitsassetreconstructioncompanyestablishedtorealisenon-performingloansfromfinancialinstitutions;and

• WorldBankasa‘peerreviewer’ofanassessmentandreportitwasconductingontheInsolvencyandCreditorRightsoftheSouthAfricaninsolvencyregime.

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Restructuring

Key Contacts

RICHARD HARNEY

ManagingPartner,KenyaNairobi,Kenya

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

LYNDON NORLEY

HeadofRestructuringCapeTown,SouthAfrica

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

ULRIKE NAUMANN

HeadofGeneralFinanceJohannesburg,SouthAfrica

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

ERNEST WILTSHIRE

ManagingPartnerKampala,Uganda

T: +256414254540E: ernest.wiltshire@bowmanslaw.com

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To view profiles of our lawyers,

please visit www.bowmanslaw.com

DAVID ANDERSON

PartnerJohannesburg,SouthAfrica

T: +27116699385E: david.anderson@bowmanslaw.com

ADAM HARRIS

PartnerCapeTown,SouthAfrica

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

JAMES MCKINNEL

PartnerCapeTown,SouthAfrica

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

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Restructuring

Cape Town, South Africa

T:+27214807800E: info-cpt@bowmanslaw.com

Dar es Salaam, Tanzania

T: +255768988640E: info-tz@bowmanslaw.com

Durban, South Africa

T: +27312650651E: info-dbn@bowmanslaw.com

Johannesburg, South Africa

T: +27116699000E:info-jhb@bowmanslaw.com

Kampala, Uganda

T: +256414254540E: info-ug@bowmanslaw.com

Moka, Mauritius

T: +2304688411E:info-ma@bowmanslaw.com

Nairobi, Kenya

T: +254202899000E:info-ke@bowmanslaw.com

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@Bowmans_Law

www.bowmanslaw.com

Alliance Firms:

Aman Assefa & Associates Law Office, Addis Ababa, Ethiopia

T: +25114702868E:info@aaclo.com