restructuring - bowmans€¦ · • contingency planning • standstill and forbearance...
TRANSCRIPT
RESTRUCTURING
22
Contents
04 OurFirm
05 OurFootprintinAfrica
06 OurRestructuringServiceLine
07 OurSpecialistServices
08 OurSignatureMatters
10 Accolades
12 KeyContacts
Restructuring
33
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,we
aredifferentiatedbyourgeographicalreach,independenceandthequalityoflegalservicesweprovide.
WedrawonouruniqueknowledgeoftheAfricanbusinessenvironmentandin-depthunderstandingofthesocio-politicalclimatetoadviseclientsonawiderangeoflegalissues.Ouraimistoassistourclientsinachievingtheirobjectivesassmoothlyandefficientlyaspossiblewhileminimisingthelegalandregulatoryrisks.
Ourclientsincludecorporates,multinationalsandstate-ownedenterprisesacrossarangeofindustrysectorsaswellasfinancialinstitutionsandgovernments.
Ourexpertiseisfrequentlyrecognisedbyindependentresearchorganisations.WehavebeennamedAfricaLegalAdviserbyDealMakersforthelasttwoconsecutiveyears(2014and2015)andSouthAfricanLawFirmoftheYearfor2016bytheWho’s Who Legal.MostrecentlywewontheBanking,FinanceandRestructuringTeamoftheYear,theEmploymentTeamoftheYear,andthePropertyTeamoftheYearAwardsattheprestigiousAfricanLegalAwardshostedby Legal WeekandtheCorporateCounselAssociationofSouthAfricain2016.
4
BOWMANS
CONTENTS PAGE
Bowmans offices
Relationship firm
Francophone Africa coverage
Significant transaction
or advisory experience
Bowmans offices
Relationship firm
Francophone Africa coverage
Significant transaction or advisory experience
SOUTH AFRICA
MADAGASCAR
NIGERIA
KENYA
UGANDA
Bowmans offices
Relationship firm
Francophone Africa coverage
Significant transaction or advisory experience
SOUTH AFRICA
MADAGASCAR
NIGERIA
KENYA
UGANDA
WeprovideintegratedlegalservicesthroughoutAfricafromsixoffices
(Antananarivo,CapeTown,Durban,Johannesburg,KampalaandNairobi)infourcountries(Kenya,Madagascar,SouthAfricaandUganda).
WeworkcloselywithleadingNigerianfirm,UdoUdoma&Belo-Osagie,whichhasofficesinAbuja,LagosandPortHarcourt,andhavestrongrelationshipswithotherleadinglawfirmsacrosstherestofAfrica.
WeprovidecoverageoffrancophoneOHADAjurisdictionsacrossthecontinent(includingBenin,BurkinaFaso,Burundi,Cameroon,CentralAfricanRepublic,Chad,CongoRepublic,DemocraticRepublicofCongo,Gabon,Guinea,IvoryCoast,Mali,Mauritania,Niger,Rwanda,SenegalandTogo)fromourofficeinMadagascar.
WearerepresentativesofLexMundi,aglobalassociation,withmorethan160independentlawfirmsinallthemajorcentresacrosstheglobe.Thisassociationgivesusaccesstothebestfirmsineachjurisdictionrepresented.
Our Footprint in Africa
5
Restructuring
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
CONTENTS PAGE
6
BOWMANS
• Contingencyplanning• Standstillandforbearancearrangements• Debtrestructuringandrescheduling–both
creditor-ledanddebtor-led• Refinancingoffinancefacilities• Directors’dutiesduringperiodsoffinancial
distressandrestructurings• Dealingwithauditorconcernsregarding
‘goingconcern’statusandrelatedissues• Equitycapitalraisingandrestructuring• DistressedM&Atransactions• Formalrestructuringproceduressuchas
-schemesofcompromise -schemesofarrangementanddebt
equityswaps -exchangeoffers -businessrescue -liquidation• Cross-borderrestructurings,particularly
cross-bordergrouprestructuringsthatinvolvesimultaneousinsolvencyfilingsinmultiplejurisdictions
• Investigation,assettracingandinsolvencylitigation
Our Specialist Services
CONTENTS PAGE
7
Restructuring
Thenatureofourclientsandrangeofmatterswehaveactedforthemonareindicativeofthewealthofourrestructuringexperience.
AFRICA Wehaveactedfor:
• Listedsteelmineandproducer,EvrazHighveldSteelandVanadiumLtd(anditsBoardofDirectors),onallaspectsofitsbusinessrescueprocess.
• StandardCharteredBanktogetherwithCreditSuisseAG,whowereprincipallenderstoGreatBasinGold,alistedCanadianminingcompanywhichownedtwomines,oneinNevadaandoneinJohannesburg.GreatBasinGoldandbothmine-owningsubsidiarieswereplaced,simultaneously,intocross-borderbankruptcyproceedings:voluntarycompanycreditorsarrangementinCanada,chapter11bankruptcyinNevada,andbusinessrescueinSouthAfrica.Priortotherestructuring,theSouthAfricancreditors’claimsexceededZAR11billion.ThefinalrestructuringinvolvedthesaleofthesharesintheSouthAfricansubsidiarytoanotherlistedmininggroup,thecompromiseofcertaindebt,therefinancingofotherdebtandtheintroductionofnewfinancefacilities.
• AsignificantstakeholderintheEdconGroup’slong-termrestructuringofitsdebt,operationsandcapitalstructure.TheEdconGrouphasacomplicatedcapitalstructureinvolvingtermlenders,varioustranchesofEuroandRanddenominatednotes,hedgingarrangementsandjunior,seniorandsubordinateddebt,acrossmultiplejurisdictions.DebtbeforerestructuringwasinexcessofZAR30billion.
• TheNationalTreasuryinrelationtotherestructureofAfricanBankLtdandinrespectoftheresolutionplanannouncedbytheGovernoroftheSouthAfricanReserveBankon10August2014.
• TheOverseasShipholdingGroup,Inc(oneofthelargestshippingtankergroupsintheworld;listedontheNewYorkStockExchange)andits180subsidiariesinanurgentprecedent-makingcourtapplicationtorecogniseitsUSbankruptcyinSouthAfricaandtoapply,withfullforceandeffect,theautomaticstayprovidedforinsection362oftheUSBankruptcyCode,inSouthAfrica.
• TheWorldBankinthecapacityasa‘peerreviewer’ofanassessmentandreportitwasconductingontheInsolvencyandCreditorRightsoftheSouthAfricaninsolvencyregime.
• AfriSam,ontherestructuringofitsfinancialindebtednesscomprisingEUR1billionhighyieldseniorsecurednotes,ZAR8.5billionPIKfacility,ZAR1billionhedgingliabilities,ZAR5billionpreferenceshareliabilitiesandZAR500millionrevolvingcreditfacilitiesandtheintroductionofnewZARseniordebtfacilitiesofZAR5billiontorefinancecertainofthefinancialindebtednessofAfriSam.
• PeermontGlobalGroupinrelationtoitsraisingofZAR5.3billionofnewdebtandtheassociatedrecapitalisationandrestructuringofthehospitalityandgaminggroup.
• ThebankruptcyadministratorofLehmanBrothersEuropeontheeffectoftheadministrationontheunsettledtradesontheSouthAfricanStockExchangeviatheSTRATEsettlementsystem.
Our Signature Matters
CONTENTS PAGE
8
BOWMANS
• Chrysler(inChapter11Bankruptcy)onthecreationofapledgeoverSouthAfricanassetsassecurityfortheloanadvancedtoChryslerbytheTreasuryDepartmentoftheUnitedStatesofAmericaunderthestimulusplan.
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.
CONTENTS PAGE
9
Restructuring
CONTENTS PAGE
Accolades
AFRICAN LEGAL AWARDS 2016WereceivedtheawardsforBanking,FinanceandRestructuringTeamoftheYear,EmploymentTeamoftheYearandPropertyTeamoftheYear.
DEALMAKERS AWARDS 2016WehavebeenidentifiedastheleadinglegaladviserinAfricabybothdealvalueandnumberoftransactions.WewerealsorankedthirdinSouthAfricaformergersandacquisitionsbydealvalue.
INTERNATIONAL LAW OFFICE CLIENT CHOICE AWARDSWewontheawardforSouthAfricafor2005,2006,2008,2011andagainin2015.
WHO’S WHO LEGAL AWARDS 2016WewerenamedSouthAfricanLawFirmoftheYear.
INDIA BUSINESS LAW JOURNAL 2016WewereidentifiedasoneoftheleadinginternationallawfirmsforIndiawork.
10
BOWMANS
49 RecognisedLawyers30 Recognised
Lawyers57 RecognisedLawyers
BAND 1
KENYA
Banking&FinanceCommercial,Corporate&M&ARealEstate&Construction
SOUTH AFRICA
Commercial,Corporate&M&ACompetitionConstructionLabour&EmploymentProjects&InfrastructureShipping&Transport
BAND 2
KENYA
DisputeResolutionProjects&Energy
SOUTH AFRICA
Banking&FinanceDisputeResolutionInvestmentFundsRealEstateTax
TIER 1
KENYA
MiningCorporate&Financial
SOUTH AFRICA
CapitalMarketsCompetitionEnergyM&A
UGANDA
Energy&InfrastructureFinancial&Corporate
TIER 2
KENYA
EnergyFinancial&CorporateInfrastructure
SOUTH AFRICA
BankingInfrastructureMiningOil&GasProjectFinance
BAND 1
KENYA
Banking&FinanceCorporate/CommercialSOUTH AFRICA
CapitalMarkets:DebtCapitalMarkets:EquityCompetitionConstructionCorporateInvestigationsCorporate/M&AEmploymentEnvironmentIT/TelecommunicationsProjects&Energy
UGANDA
GeneralBusinessLaw
BAND 2
MADAGASCAR
GeneralBusinessLaw
SOUTH AFRICA
Banking&FinanceDisputeResolutionMedia&BroadcastingTax
THE LEGAL 500 EMEA 2016 RANKED US IN THE FOLLOWING AREAS
CHAMBERS & PARTNERS 2016 RANKED US IN THE FOLLOWING AREAS
IFLR1000 2017 RANKED US IN THE FOLLOWING AREAS
CONTENTS PAGE 11
Restructuring
Key Contacts
CONTENTS PAGE
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]
12
BOWMANS
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]
13
Restructuring
CONTENTS PAGE
14
BOWMANS
The Value of Knowing We know Africa. We acknowledge our vast potential. We understand that diversity is our strength. We embrace a collective future. We strive for the highest standards. Because, we have walked the path of experience, We can leverage what we have learnt: To discover what lies obscure, To unlock unknown potential, To lay the path towards true prosperity. We believe that in Africa, true value lies in knowing.
CONTENTS PAGE
15
Restructuring
CONTENTS PAGE