RESTRUCTURING...Our Firm With seven officesin five African countries and over 400 specialised...
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RESTRUCTURING
Transcript of RESTRUCTURING...Our Firm With seven officesin five African countries and over 400 specialised...
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,
wedrawonouruniqueknowledgeofthebusinessandsocio-politicalenvironmenttoadviseclientsonawiderangeoflegalissues.
Everywherewework,weofferclientsaservicethatuniquelyblendsexpertiseinthelaw,knowledgeofthelocalmarketandanunderstandingoftheirbusinesses.Ouraimistoassistthemtoachievetheirobjectivesassmoothlyandefficientlyaspossiblewhileminimisingthelegalandregulatoryrisks.
Ourclientsincludecorporates,multinationalsandstate-ownedenterprisesacrossarangeofindustrysectorsaswellasfinancialinstitutionsandgovernments.
Ourexpertiseisfrequentlyrecognisedbyindependentresearchorganisations.WereceivedawardsinthreeoutoffourcategoriesattheDealmakersEastAfricaAwardsfor2019:toplegaladviserintheM&ACategoryforbothdealflowandvalueandadvisedontheDealoftheYear.IntheDealmakers SouthAfricaAwardsfor2019,wewereplacedthirdfordealvalueintheM&ACategoryandadvisedonboththeDealoftheYearandtheBEEDealoftheYear.
We help our clients overcome legal complexity and unlock opportunity in Africa. Our track record of providing specialist legal services 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
Mozambique
Kenya
Tanzania
South Africa
Nigeria
Uganda
Mauritius
Best friends
Bowmans offices
Significant transaction or advisory experience
Alliance firms
Ethiopia
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.
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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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Key Contacts
RICHARD HARNEY
ManagingPartner,KenyaNairobi,Kenya
T: +254202899000E: [email protected]
LYNDON NORLEY
HeadofRestructuringGroupCapeTown,SouthAfrica
T: +27214807905E: [email protected]
JAMES MCKINNEL
HeadofLitigationCapeTown,SouthAfrica
T: +27214807820E: [email protected]
ERNEST WILTSHIRE
ManagingPartner,UgandaKampala,Uganda
T: +256414254540E: [email protected]
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To view profiles of our lawyers,
please visit www.bowmanslaw.com
DAVID ANDERSON
PartnerJohannesburg,SouthAfrica
T: +27116699385E: [email protected]
ULRIKE NAUMANN
HeadofGeneralFinanceJohannesburg,SouthAfrica
T: +27116699377E: [email protected]
ADAM HARRIS
PartnerCapeTown,SouthAfrica
T: +27214807837E: [email protected]
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Restructuring
Cape Town, South Africa
T:+27214807800E: [email protected]
Dar es Salaam, Tanzania
T: +255768988640E: [email protected]
Durban, South Africa
T: +27311091150E: [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 Firm:
Aman Assefa & Associates Law Office, Addis Ababa, Ethiopia
T: +25114702868E:[email protected]
