restructuring - bowmans law · restructuring process. restructuring is broader than formal...
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RESTRUCTURING
Contents
04 OurFirm
05 OurFootprintinAfrica
06 OurRestructuringPractice
07 OurSpecialistServices
07 OurSignatureMatters
10 KeyContacts
3
Restructuring
2 3
BOWMANS
Our Firm Our Footprint in Africa
Mozambique
Kenya
Tanzania
South Africa
Nigeria
Uganda
Mauritius
Best friends
Bowmans offices
Significant transaction or advisory experience
Alliance firms
Ethiopia
Ourtrackrecordofprovidingspecialist
legalservicesinthefieldsofcorporate
law,bankingandfinancelawanddispute
resolution,spansoveracentury.
WithnineofficesinsevenAfricancountries
andover400specialistlawyers,wedrawon
ouruniqueknowledgeofthebusinessand
socio-politicalenvironmenttoadviseclients
onawiderangeoflegalissues.
Everywherewework,weofferclientsa
servicethatuniquelyblendsexpertiseinthe
law,knowledgeofthelocalmarketandan
understandingoftheirbusinesses.Ouraim
istoassistthemtoachievetheirobjectives
assmoothlyandefficientlyaspossiblewhile
minimisingthelegalandregulatoryrisks.
Ourclientsincludecorporates,multinationals
andstate-ownedenterprisesacrossarangeof
industrysectorsaswellasfinancialinstitutions
andgovernments.
Ourexpertiseisfrequentlyrecognisedby
independentresearchorganisations.We
receivedawardsinthreeoutoffourcategories
attheDealMakersEastAfricaAwardsfor
2019:toplegaladviserintheM&ACategory
forbothdealflowanddealvalue,andadvised
ontheDealoftheYear.IntheDealMakers
SouthAfricaAwardsfor2019,wewereplaced
thirdfordealvalueintheM&ACategoryand
advisedonboththeDealoftheYearandthe
BEEDealoftheYear.
Wearepresentinsevencountries
inAfrica:Kenya(Nairobi),Malawi
(Lilongwe),Mauritius(Moka),SouthAfrica
(CapeTown,Durban,Johannesburg),
Tanzania(DaresSalaam),Uganda(Kampala)
andZambia(Lusaka).
Weworkcloselywithouralliancefirmsin
Ethiopia(AmanAssefa&AssociatesLaw
Office)andNigeria(UdoUdoma&Belo-
Osagie).Thesearetwooftheleading
corporateandcommerciallawfirmsintheir
jurisdictions.
Wehavedevelopedabestfriendrelationship
withoneofMozambique’sstrongestlaw
firms(TacianaPeãoLopes&Advogados
Associados)andregularlyworkwithleading
lawfirmsinothercountriessuchasAngola,
Botswana,Ghana,IvoryCoast,Namibia,
Rwanda,SouthSudanandZimbabwe.
Wehaveacomprehensivedatabaseofallthe
lawfirmsweworkwithintherestofAfrica
coveringsuchcountriesasAlgeria,Egypt,
MoroccoandFrench-speakingWestAfrica.
WearerepresentativesofLexMundi,aglobal
associationwithmorethan160independent
lawfirmsinallthemajorcentresacross
theglobe.LexMundigivesustheabilityto
connectourclientswiththebestlawfirmsin
eachofthecountriesrepresented.
We help our clients overcome legal complexity and unlock opportunity in Africa.
Malawi
Zambia
5
BOWMANS Restructuring
4
Weareuniquelyplacedtoadviseonthefull
rangeofissuesthatmayarisethroughoutany
restructuringprocess.
Restructuringisbroaderthanformalbankruptcy
orliquidationprocesses.Itincludescovenant
re-setting,‘amendandextend’discussions,
forbearancesorwaiversofdefault,consensual
solutionssuchasrefinancing,saleofnon-core
assets,cashinjectionsandrestructuringofthe
businessorequityaswellasformalprocesses
suchasschemesofarrangementbusiness
rescueandliquidation.
OurRestructuringPracticeoperatesasan
integratedteamacrossallourofficesand
practicestoprovideourclientswithauser-friendly
engagementmodelandserviceofaconsistently
highquality.
Weoffer:
• comprehensiveexperiencerangingfrom
informalwork-outs,bankfacilityextensions,
covenantamendments,consensual
restructurings,schemeofarrangement,
administrationordersandformalinsolvency
measuressuchasliquidation;
• significantcross-borderrestructingexperience
inEuropeandtheUSorwhereanyofthe
creditorsorstakeholdersareEuropeanor
USbased;
• expertiseincomplexdomesticandcross-
borderfinancetransactions;
• extensiveknowledgeofleveragedand
acquisitionfinance,structuredfinance,capital
markets,projectsandinfrastructure,realestate
finance,tradeandexportfinance,commodities
finance,derivatives,securitisation,preference
sharefinance,subordinateddebtand
insolvencyandrestructuring;
• Englishlawqualifiedpractitionerstoadviseon
foreignlistedfacilitiesanddebtinstruments.
• anabilitytohandlethelargestandmost
time-criticalofcorporatelegalmatters
andtransactionsasaresultofoursize,
resourcesandbreadthofskillscombined
withourcommunications,facilitiesand
geographicspread;
• experienceofadvisingonmanyofthe
continent’sground-breakingcorporate
transactionsaswellassignificantcorporate
reorganisations;
• well-respecteddisputeresolutionexpertise
andextensiveexperienceincourtdriven
insolvencyproceedingsaswellasarangeof
litigationandlitigationtacticsoftenrequired
inrestructurings;
• knowledge,experienceandadepthand
breadthoftaxlawskillsthatfewareable
tomatch;and
• theabilitytodrawonin-houseexpertise
inotherareasthatmayberequiredina
complexrestructuringincluding:regulatory
law(particularlyinsectorssuchasmining,
pharmaceuticalsandhealthcareand
technology,mediaandtelecommunications),
pensionsandemploymentlaw,competition
andmergercontrolandrealestatelaw.
Wehaveexperienceadvisingonawide
rangeoftransactionsthroughoutAfricaand
considerableexperienceincross-border
restructuringsthatinvolvesimultaneous
insolvencyfilingsinmultiplejurisdictions.
Thisextendstoadvisingonpan-European
andco-ordinatedUS/Europerestructurings.
Ourclientsincludelargenationalclients
inAfricanjurisdictionswherewehave
representation,aswellasmultinationalsand
internationallawfirmsactingontheirbehalf,
non-governmententities,governments,state-
ownedentitiesandfinancialinstitutions.
Our Restructuring Practice
• Contingencyplanning
• Cross-borderrestructurings,particularly
cross-bordergrouprestructuringsthat
involvesimultaneousinsolvencyfilings
inmultiplejurisdictions
• Dealingwithauditorconcernsregarding
‘goingconcern’statusandrelatedissues
• Debtrestructuringandrescheduling–
bothcreditor-ledanddebtor-led
• Directors’dutiesduringperiodsof
financialdistressandrestructurings
• DistressedM&Atransactions
• Equitycapitalraisingandrestructuring
• Formalrestructuringproceduressuch
asschemesofcompromise,schemesof
arrangementanddebtforequityswaps,
exchangeoffers,businessrescue
andliquidation
• Investigation,assettracingand
insolvencylitigation
• 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
WehaveadvisedonmanyEuropean
restructurings,actingforthedebtorcompany
orgroup,privateequityownersorcreditors,
onseniorandjuniorbankandbonddebtas
wellasUSChapter11proceduresinrelationto
Europeansubsidiaries.
Ourworkhascoveredabroadspectrumof
industries,sectorsandbusinesses.
AFRICA Someofourrecentexperienceincludes
advising/actingfor:
• AcreditoroftheWaterbergCoalProject,
onitsbidfortheassetsoftheentityin
businessrescue;
• Afinancialinstitutionintheclassaction
broughtagainstnumerouspartiesinthe
Steinhoffrestructuring;
• ApotentialpurchaserofOptimumCoal
frombusinessrescuepractitioners;
• AsignificantgroupofEuropeandebt
investmentholdersontheSteinhoff
restructuring;
• AsignificantstakeholderintheEdcon
Group’slong-termrestructuringofits
complexdebt,operationsandcapital
structure;
• AbsaBankontheliquidationofMayfair
Speculators;
• AfribrandGrouponsecurityclaimed
byaconsortiumofcreditors;
• AfriSamontherestructuringofits
financialindebtedness;
Our Signature Matters
7
BOWMANS Restructuring
6
• AlexanderForbesEquityHoldingsandits
subsidiariesontheUgandanlawaspectsof
therestructuringofitscapitalstructure;
• Anoffshoreclientoninsolvencyaspects
relatingtoatenderinvolvingoneofSouth
Africa’slargestaeroplanechartercompanies;
• ARMCoalontherestructuringofitsexisting
loananddebtarrangementswithGlencore;
• ArrisGlobalandArrisSouthAfricaonthe
restructuringoffundingadvancedtoone
ofitsmainsuppliers;
• AthiRiverMiningLtdonitscapital
restructuringandliquidityissues;
• BankofUgandaontheinsolvencyof
CraneBank;
• BankofUgandaontheinsolvencyof
GreenlandBank,CooperativeBank,and
InternationalCreditBank;
• CellConitslargeandcomplexdebtand
equityrestructure;
• Certainshareholdersanddirectorsof
ImperialBank(inreceivership)(IBL)
Kenyaonbankrescueoptions;
• ChaseBankKenyaLtd(inreceivership)
inrelationtovariouscounterparties;
• ContinentalCoalLtdandtwoofits
subsidiaries(MashalaResourcesand
PenumbraCoalMining)onvarious
aspectsofthebusinessrescueofall
threeoftheseentities;
Bowmans is “at the forefront of contentious restructuring, insolvency and receivership matters”. – Legal 500, 2018
• Deacons(EastAfrica)plconvarious
optionsofbusinessrecoveryincluding
administration;
• dfcuBankasreceiver/managerofDao
MarbleLtd(inreceivership)fortherecovery
ofUSD15million;
• dfcuBankasreceiver/managertorecover
sumsduefromNtindaViewCollege;
• dfcuBankasreceiver/managertorecover
UGX7billionandUSD1millionfrom
NdiburungiSugarWorks;
• EnergyServicesUgandaonits
deregistrationinUganda;
• EvrazHighveldSteelandVanadiumonall
aspectsofitsbusinessrescueprocess;
• FidelityCommercialBankandits
shareholdersonanacquisitionbySBM
AfricaHoldingsfollowingliquidityissues;
• GoldentreeAssetManagementLPon
theacquisitionofamajoritystakeinthe
PeermontGroupandtherestructuringand
refinancingofPeermontGlobal(andits
directandindirectsubsidiaries);
• GulfStreamInvestmentsUgandain
liquidationproceedingsfortherecovery
ofUSD807,628fromNakumatt(U);
• HospitalityPropertyFundLtd,onthe
amendmentandrestatementofitsDMTN
programme,andtherestructureofthe
HospitalityGroup’sexistingsecurity
structure;
• InvestecAssetManagement,Nedbank,
SanlamCapitalMarkets,SanlamCredit
Conduit,SanlamInvestmentManagement
andBlueInk-Ubatoronthedebt
restructuringandsaleofTheHouse
ofBusby;
• KenyaAirwaysplconallaspectsofits
USD2.2billionsolventandinter-conditional
debtandequitycapitalrestructuring;
• LafargeHolcimonthepotential
restructuringoftheEastAfricanPortland
CementCompanyLtd;
• LehmanBrothersEuropeontheeffectof
theadministrationontheunsettledtrades
ontheSouthAfricanStockExchangevia
theSTRATEsettlementsystem;
• NestleUgandaonitsvoluntaryliquidation
inUganda;
• Norfund,Responsibility,Sanlam,Investec
AssetManagementandvariouslarge
SouthAfricanandinternationalinvestment
anddevelopmentfunds(IncludingSouth
Africanstateowneddevelopmentfunds)
onthecomplexrestructuringofthe
domesticandinternationallistedand
unlisteddebtinstrumentsissuedby
RealPeopleInvestmentHoldings;
• OgerTelecomonthedisinvestmentofits
majoritystakeinthethirdlargesttelecoms
operatorinSouthAfrica,CellC;
• PeermontGlobalGrouponitsraisingof
ZAR5.3billionofnewdebtand
theassociatedrecapitalisationand
restructuringofthegroup;
• PPConitsZAR4billionrightsoffer
andfinancialrestructuring;
• ShipholdingGroupIncinanurgent
precedent-makingcourtapplication
torecogniseOSG’sUSbankruptcyin
SouthAfricaandtoapplyinSouthAfrica,
withfullforceandeffect,theautomatic
stayprovidedforinSection362ofthe
USBankruptcyCode;
• SpenconServicesinpresenting
recognitionproceedingsunderthe
InsolvencyAct,Uganda;
• StyleIndustries,CanonChemicalsand
CharmIndustriesininsolvency
proceedingsforthewindingupof
NakumattHoldings;
• TAMOILEastAfricaonitsbusinesswinding
upproceedings;
• Thelargesttradecreditorinthewinding
upoftheCNAGroup;
• Theliquidatorsonvariousaspectsofsale
ofthePamodzigoldmines;
• Themonitorappointedbyorderofcourt,
tojointlymanagetheFedbondcollective
investmentscheme;
• TheNationalTreasuryontherestructure
ofAfricanBankLtd;
• TheprincipallenderstoGreatBasinGold,
alistedCanadianminingcompany;
• UchumiSupermarketsinthepetitionfor
thewindingupofitsoperationsinUganda;
• UgandaBankers’Associationonthe
operationsofitsassetreconstruction
companyestablishedtorealisenon-
performingloansfromfinancial
institutions;and
• WorldBankasa‘peerreviewer’ofan
assessmentandreportitwasconducting
ontheInsolvencyandCreditorRightsof
theSouthAfricaninsolvencyregime.
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BOWMANS Restructuring
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Key Contacts
RICHARD HARNEY
ManagingPartner,Kenya
Nairobi,Kenya
T: +254202899000
To view profiles of our lawyers,
please visit www.bowmanslaw.com
DAVID ANDERSON
Partner
Johannesburg,SouthAfrica
T: +27116699385
LYNDON NORLEY
HeadofRestructuringGroup
CapeTown,SouthAfrica
T: +27214807905
ULRIKE NAUMANN
HeadofGeneralFinance
Johannesburg,SouthAfrica
T: +27116699377
ADAM HARRIS
Partner
CapeTown,SouthAfrica
T: +27214807837
JAMES MCKINNEL
HeadofLitigation
CapeTown,SouthAfrica
T: +27214807820
ERNEST WILTSHIRE
ManagingPartner,Uganda
Kampala,Uganda
T: +256414254540
BOWMANS
10 11
Restructuring
Cape Town, South AfricaT:+27214807800
Dar es Salaam, TanzaniaT: +255768988640
Durban, South AfricaT: +27311091150
Johannesburg, South AfricaT: +27116699000
Kampala, UgandaT: +256414254540
Lilongwe, MalawiT: +265990318152
Lusaka, ZambiaT: +260962275329
Moka, MauritiusT: +23052980100
Nairobi, KenyaT: +254202899000
Follow us on Twitter:@Bowmans_Law
www.bowmanslaw.com
Alliance Firms:
Aman Assefa & Associates Law Office, Addis Ababa, EthiopiaT: +251114702868
Udo Udoma & Belo-Osagie, Lagos, NigeriaT: +23412774920-2,+23412719811-3