restructuring - bowmans · contents 04 our firm 05 our footprint in africa 06 our restructuring...
TRANSCRIPT
RESTRUCTURING
2
Contents
04 OurFirm
05 OurFootprintinAfrica
06 OurRestructuringServiceLine
07 OurSpecialistServices
08 OurSignatureMatters
10 Accolades
12 KeyContacts
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Restructuring
Our Firm
WithsixofficesinfourAfricancountriesandover400specialisedlawyers,we
aredifferentiatedbyourindependenceandthequalityoflegalservicesweprovide.
WedrawonouruniqueknowledgeoftheAfricanbusinessenvironmentandin-depthunderstandingofthesocio-politicalclimatetoadviseclientsonawiderangeoflegalissues.Ouraimistoassistourclientsinachievingtheirobjectivesassmoothlyandefficientlyaspossiblewhileminimisingthelegalandregulatoryrisks.
Ourclientsincludecorporates,multinationalsandstate-ownedenterprisesacrossarangeofindustrysectorsaswellasfinancialinstitutionsandgovernments.
Ourexpertiseisfrequentlyrecognisedbyindependentresearchorganisations.WehavebeennamedAfricanLegalAdviseroftheYearbyDealMakersforthelastfourconsecutiveyearsandSouthAfricanLawFirmoftheYearfor2018intheChambersAfricaAwardsforExcellenceandtheSouthAfricanProfessionalServicesAwards.Wewerealsotheonlyfirmthatwas‘highlycommended’intheAfricanLawFirmoftheYear–LargePracticecategoryattheAfricanLegalAwardshostedbyLegal WeekandtheCorporateCounselAssociationofSouthAfricain2017andwontheTechnology,MediaandTelecommunicationsTeamoftheYearAward.
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.
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Our Footprint in Africa
Bowmans offices
Relationship firm
Significant transaction or advisory experience
WeprovideintegratedlegalservicesthroughoutAfricafromsixoffices(Cape
Town,DaresSalaam,Durban,Johannesburg,KampalaandNairobi)infourcountries(Kenya,SouthAfrica,TanzaniaandUganda).
WeworkcloselywithleadingNigerianfirm,UdoUdoma&Belo-Osagie,andMozambique-basedboutiquefirm,TacianaPeãoLopes&AdvogadosAssociados.WealsohavestrongrelationshipswithotherleadinglawfirmsacrosstherestofAfrica.
WearerepresentativesofLexMundi,aglobalassociationwithmorethan160independentlawfirmsinallthemajorcentresacrosstheglobe.Thisassociationgivesusaccesstothebestfirmsineachjurisdictionrepresented.
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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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• 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
Bowmansis"atthe
forefrontofcontentious
restructuring,
insolvencyand
receivershipmatters."
– Legal 500, 2018
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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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• 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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Accolades
AFRICAN LEGAL AWARDS 2018WewerenamedAfricanLawFirmoftheYear(LargePractice).Wewerealsooneofonlytwofirmsthattookhomethreepracticeawards-forPropertyandConstructionTeamoftheYear,EnergyandNaturalResourcesTeamoftheYearandTMTTeamoftheYear.DEALMAKERS AWARDS 2018
WehavebeenidentifiedastheleadinglegaladviserinAfricabyvolume.Thisisthefourthconsecutiveyearwehavebeenrecongnisedthisway.
INTERNATIONAL LAW OFFICE CLIENT CHOICE AWARDSWewontheawardforSouthAfricafor2005,2006,2008,2011andagainin2015.
INDIA BUSINESS LAW JOURNAL 2018WehavebeennamedasoneoftheTopRegionalandSpecialistFirms(Worldwide).
WHO’S WHO LEGAL AWARDS 2016WewerenamedSouthAfricanLawFirmoftheYear.
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36 RecognisedLawyers67 Recognised
Lawyers
TIER 1KENYA
Financial&CorporateMining
SOUTH AFRICA
CapitalMarketsCompetitionEnergyM&AUGANDA
Financial&CorporateProjectDevelopment TIER 2
KENYA
EnergyInfrastructure
SOUTH AFRICA
BankingInfrastructureMiningOil&GasProjectFinance
BAND 1
KENYA
Banking&FinanceCorporate/CommercialEmployment
SOUTH AFRICA
CapitalMarkets:DebtCapitalMarkets:EquityCompetitionCorporateInvestigationsM&AEmploymentEnvironmentIT/TelecommunicationsProjects&EnergyShippingTax
UGANDA
GeneralBusinessLaw
BAND 2
SOUTH AFRICA
Banking&FinanceDisputeResolutionMedia&BroadcastingRestructuring/Insolvency
KENYA
Projects&Energy
TANZANIA
GeneralBusinessLaw
IFLR1000 2018 RANKED US IN THE FOLLOWING AREAS
CHAMBERS & PARTNERS 2018 RANKED US IN THE FOLLOWING AREAS
32 RecognisedLawyers
TIER 1
KENYA
Banking,Finance&CapitalMarketsCommercial,Corporate&M&AEmploymentRealEstate&Construction
SOUTH AFRICA
Commercial,Corporate&M&ACompetitionEmploymentProjects&InfrastructureShipping
UGANDA
LegalMarketsOverview TIER 2
KENYA
DisputeResolutionProjects&Energy
SOUTH AFRICA
Banking&FinanceConstructionDisputeResolutionInvestmentFundsTax
TANZANIA
LegalMarketsOverview
THE LEGAL 500 EMEA 2018 RANKED US IN THE FOLLOWING AREAS
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Key Contacts
RICHARD HARNEY
ManagingPartner,KenyaNairobi,Kenya
T: +254202899000E: [email protected]
JAMES MCKINNEL
HeadofDisputeResolutionCapeTown,SouthAfrica
T: +27214807820E: [email protected]
ASHLEIGH HALE
Co-HeadofCorporateJohannesburg,SouthAfrica
T: +27116699342E: [email protected]
ULRIKE NAUMANN
HeadofGeneralFinanceJohannesburg,SouthAfrica
T: +27116699377E: [email protected]
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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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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
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