restructuring - corporate lawyers | bowmans …or advisory experience alliance firms ethiopia 5...
TRANSCRIPT
RESTRUCTURING
2
BOWMANS
Contents
04 OurFirm
05 OurFootprintinAfrica
06 OurRestructuringPractice
07 OurSpecialistServices
07 OurSignatureMatters
10 KeyContacts
3
Restructuring
3
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
4
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
5
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
BOWMANS
6
• 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
7
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;
BOWMANS
8
• 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.
9
Restructuring
Key Contacts
RICHARD HARNEY
ManagingPartner,KenyaNairobi,Kenya
T: +254202899000E: [email protected]
LYNDON NORLEY
HeadofRestructuringCapeTown,SouthAfrica
T: +27214807905E: [email protected]
ULRIKE NAUMANN
HeadofGeneralFinanceJohannesburg,SouthAfrica
T: +27116699377E: [email protected]
ERNEST WILTSHIRE
ManagingPartnerKampala,Uganda
T: +256414254540E: [email protected]
BOWMANS
10
To view profiles of our lawyers,
please visit www.bowmanslaw.com
DAVID ANDERSON
PartnerJohannesburg,SouthAfrica
T: +27116699385E: [email protected]
ADAM HARRIS
PartnerCapeTown,SouthAfrica
T: +27214807837E: [email protected]
JAMES MCKINNEL
PartnerCapeTown,SouthAfrica
T: +27214807820E: [email protected]
11
Restructuring
Cape Town, South Africa
T:+27214807800E: [email protected]
Dar es Salaam, Tanzania
T: +255768988640E: [email protected]
Durban, South Africa
T: +27312650651E: [email protected]
Johannesburg, South Africa
T: +27116699000E:[email protected]
Kampala, Uganda
T: +256414254540E: [email protected]
Moka, Mauritius
T: +2304688411E:[email protected]
Nairobi, Kenya
T: +254202899000E:[email protected]
Follow us on Twitter:
@Bowmans_Law
www.bowmanslaw.com
Alliance Firms:
Aman Assefa & Associates Law Office, Addis Ababa, Ethiopia
T: +25114702868E:[email protected]