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RESTRUCTURING

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Page 1: RESTRUCTURING - Bowmans La€¦ · Bowmans is a leading Pan-African law firm. ... Our restructuring and insolvency specialists work ... Wedgwood (out of UK

RESTRUCTURING

Page 2: RESTRUCTURING - Bowmans La€¦ · Bowmans is a leading Pan-African law firm. ... Our restructuring and insolvency specialists work ... Wedgwood (out of UK

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Page 3: RESTRUCTURING - Bowmans La€¦ · Bowmans is a leading Pan-African law firm. ... Our restructuring and insolvency specialists work ... Wedgwood (out of UK

Contents

04 OurFirm

05 OurFootprintinAfrica

06 OurRestructuringServiceLine

07 OurSpecialistServices

08 OurSignatureMatters

10 Accolades

12 KeyContacts

3

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,

wearedifferentiatedbyourgeographicalreach,independenceandthequalityoflegalservicesweprovide.

WedrawonouruniqueknowledgeoftheAfricanbusinessenvironmentandin-depthunderstandingofthesocio-politicalclimatetoadviseclientsonawiderangeoflegalissues.Ouraimistoassistourclientsinachievingtheirobjectivesassmoothlyandefficientlyaspossiblewhileminimisingthelegalandregulatoryrisks.

Ourclientsincludecorporates,multinationalsandstate-ownedenterprisesacrossarangeofindustrysectorsaswellasfinancialinstitutionsandgovernments.

Ourexpertiseisfrequentlyrecognisedbyindependentresearchorganisations.WehavebeennamedAfricanLegalAdviserbyDealMakersforthelastthreeconsecutiveyearsandSouthAfricanLawFirmoftheYearfor2016bytheWho’s Who Legal.Mostrecently,wewontheTechnology,MediaandTelecommunicationsTeamoftheYearAwardattheprestigiousAfricanLegalAwardshostedbyLegal WeekandtheCorporateCounselAssociationofSouthAfricain2017.Thefirmwasalso‘highlycommended’intheAfricanLawFirmoftheYear–LargePracticeandLitigationandDisputeResolutionTeamoftheYearcategories.

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BOWMANS

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Our Footprint in Africa

WeprovideintegratedlegalservicesthroughoutAfricafromsixoffices(Cape

Town,DaresSalaam,Durban,Johannesburg,KampalaandNairobi)infourcountries(Kenya,SouthAfrica,TanzaniaandUganda).

WeworkcloselywithleadingNigerianfirmUdoUdoma&Belo-Osagie,andMozambique-basedboutiquefirm,TacianaPeãoLopes&AdvogadosAssociados.WealsohavestrongrelationshipswithotherleadinglawfirmsacrosstherestofAfrica.

WearerepresentativesofLexMundi,aglobalassociation,withmorethan160independentlawfirmsinallthemajorcentresacrosstheglobe.Thisassociationgivesusaccesstothebestfirmsineachjurisdictionrepresented.

Bowmans offices

Relationship firm

Significant transaction or advisory experience

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Restructuring

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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

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• Contingencyplanning• Cross-borderrestructurings,particularly

cross-bordergrouprestructuringsthatinvolvesimultaneousinsolvencyfilingsinmultiplejurisdictions

• Dealingwithauditorconcernsregarding‘goingconcern’statusandrelatedissues

• Debtrestructuringandrescheduling–bothcreditor-ledanddebtor-led

• Directors’dutiesduringperiodsoffinancialdistressandrestructurings

• DistressedM&Atransactions• Equitycapitalraisingandrestructuring• Formalrestructuringproceduressuchas

-schemesofcompromise -schemesofarrangementanddebt

equityswaps -exchangeoffers -businessrescue -liquidation• Investigation,assettracingand

insolvencylitigation• Refinancingoffinancefacilities• Standstillandforbearancearrangements

Our Specialist Services

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Restructuring

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Thenatureofourclientsandrangeofmatterswehaveactedforthemonareindicativeofthewealthofourrestructuringexperience.

AFRICA Wehaveactedfor:

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

• Chrysler(inChapter11Bankruptcy)onthecreationofapledgeoverSouthAfricanassetsassecurityfortheloanadvancedtoChryslerbytheTreasuryDepartmentoftheUnitedStatesofAmericaunderthestimulusplan.

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

• Listedsteelmineandproducer,EvrazHighveldSteelandVanadiumLtd(anditsBoardofDirectors),onallaspectsofitsbusinessrescueprocess.

• TheNationalTreasuryinrelationtotherestructureofAfricanBankLtdandinrespectoftheresolutionplanannouncedbythe

GovernoroftheSouthAfricanReserveBankon10August2014.

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

• ThebankruptcyadministratorofLehmanBrothersEuropeontheeffectoftheadministrationontheunsettledtradesontheSouthAfricanStockExchangeviatheSTRATEsettlementsystem.

• PeermontGlobalGroupinrelationtoitsraisingofZAR5.3billionofnewdebtandtheassociatedrecapitalisationandrestructuringofthehospitalityandgaminggroup.

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

Our Signature Matters

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BOWMANS

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CONTENTS PAGE

• TheWorldBankinthecapacityasa‘peerreviewer’ofanassessmentandreportitwasconductingontheInsolvencyandCreditorRightsoftheSouthAfricaninsolvencyregime.

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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CONTENTS PAGE

Accolades

AFRICAN LEGAL AWARDS 2017WewontheTechnology,MediaandTelecommunicationsTeamoftheYearAwardattheprestigiousAfricanLegalAwardshostedbyLegal WeekandtheCorporateCounselAssociationofSouthAfrica.Thefirmwasalso‘highlycommended’intheAfricanLawFirmoftheYear–LargePracticeandLitigationandDisputeResolutionTeamoftheYearcategories.

DEALMAKERS AWARDS 2017

WewereidentifiedastheleadinglegaladviserinAfricabybothdealvalueanddealvolumeforthethirdconsecutiveyear.WealsoperformedstronglyintheSouthAfricanawardsforM&AbydealvalueanddealflowandCorporateFinancebydealflow.

INDIA BUSINESS LAW JOURNAL 2017WewerenamedasoneoftheleadinginternationallawfirmsforIndiawork.

WHO’S WHO LEGAL AWARDS 2016WewerenamedSouthAfricanLawFirmoftheYear.

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BOWMANS

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CONTENTS PAGE

48 RecognisedLawyers28 Recognised

Lawyers60 RecognisedLawyers

TIER 1

KENYA

Banking,Finance&CapitalMarketsCommercial,Corporate&M&AEmploymentRealEstate&Construction

SOUTH AFRICA

Commercial,Corporate&M&ACompetitionEmploymentProjects&InfrastructureShipping&Transport TIER 2

KENYA

DisputeResolutionProjects&Energy

SOUTH AFRICA

Banking&FinanceDisputeResolutionInvestmentFundsTax

TIER 1KENYA

Financial&CorporateMining

SOUTH AFRICA

CapitalMarketsCompetitionEnergyM&AUGANDA

Energy&InfrastructureFinancial&Corporate TIER 2

KENYA

EnergyInfrastructure

SOUTH AFRICA

BankingInfrastructureMiningOil&GasProjectFinance

BAND 1

KENYA

Banking&FinanceCorporate/CommercialSOUTH AFRICA

CapitalMarkets:DebtCapitalMarkets:EquityCompetitionCorporateInvestigationsCorporate/M&AEmploymentEnvironmentIT/TelecommunicationsProjects&EnergyShipping

UGANDA

GeneralBusinessLaw

BAND 2

KENYA

Employment

SOUTH AFRICA

Banking&FinanceDisputeResolutionMedia&BroadcastingTax

THE LEGAL 500 EMEA 2017 RANKED US IN THE FOLLOWING AREAS

IFLR1000 2017 RANKED US IN THE FOLLOWING AREAS

CHAMBERS & PARTNERS 2017 RANKED US IN THE FOLLOWING AREAS

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Restructuring

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CONTENTS PAGE

Key Contacts

RICHARD HARNEY

ManagingPartner,KenyaNairobi,Kenya

T: +254202899000E: [email protected]

CLAIRE VAN ZUYLEN

HeadofRestructuringJohannesburg,SouthAfrica

T: +27116699406E: [email protected]

JAMES MCKINNEL

HeadofDisputeResolutionCapeTown,SouthAfrica

T: +27214807820E: [email protected]

ASHLEIGH HALE

Co-HeadofCorporateJohannesburg,SouthAfrica

T: +27116699342E: [email protected]

ULRIKE NAUMANN

HeadofFinanceJohannesburg,SouthAfrica

T: +27116699377E: [email protected]

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BOWMANS

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CONTENTS PAGE

To view profiles of our lawyers,

please visit www.bowmanslaw.com

ADAM HARRIS

PartnerCapeTown,SouthAfrica

T: +27214807837E: [email protected]

PETER WHELAN

PartnerCapeTown,SouthAfrica

T: +27214807900E: [email protected]

PHILIP COULSON

PartnerNairobi,Kenya

T: +254202899000E: [email protected]

LYNDON NORLEY

ConsultantCapeTown,SouthAfrica

T: +27214807905E: [email protected]

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Restructuring

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Cape Town

T: +27214807800E:[email protected]

Dar es Salaam

T: +255768988640E: [email protected]

Durban

T: +27312650651E:[email protected]

Johannesburg

T: +27116699000E:[email protected]

Kampala

T: +256414254540E:[email protected]

Nairobi

T: +254202899000E:[email protected]

Follow us on Twitter:

@Bowmans_Law

www.bowmanslaw.com