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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
WithsixofficesinfourAfricancountriesandover400specialisedlawyers,we
aredifferentiatedbyourindependenceandthequalityofthelegalservicesweprovide.
WedrawonouruniqueknowledgeoftheAfricanbusinessenvironmentandourin-depthunderstandingofthesocio-politicalclimatetoadviseclientsonawiderangeoflegalissues.Ouraimistoassistourclientsinachievingtheirobjectivesassmoothlyandefficientlyaspossiblewhileminimisingthelegalandregulatoryrisks.
Ourclientsincludecorporates,multinationalsandstate-ownedenterprisesacrossarangeofindustrysectorsaswellasfinancialinstitutionsandgovernments.
Ourexpertiseisfrequentlyrecognisedbyindependentresearchorganisations.WewererankedfirstbydealvalueandsecondbydealcountinMergermarket’s2018Africaleague
tablesforlegaladvisors.WereceivedawardsinfiveoutofsixcategoriesattheDealmakersEastAfricaAwardsfor2018:toplegaladviserinM&Aforbothdealflowandvalue,toplegaladviserinGeneralCorporateFinanceforbothtransactionflowandvalue,andadvisedontheDealoftheYear.IntheDealmakersSouthAfricaAwardsfor2018,wewereplacedfirstfordealflowintheGeneralCorporateFinancecategory.
WewerenamedSouthAfricanLawFirmoftheYearfor2018intheChambersAfricaAwardsforExcellenceandAfricanLawFirmoftheYear(LargePractice)attheAfricanLegalAwardshostedbyLegal Week andtheCorporateCounselAssociationofSouthAfrica.Wewerealsooneofonlytwofirmsthattookhomethreepracticeawards-forPropertyandConstructionTeamoftheYear,EnergyandNaturalResourcesTeamoftheYearandTMTTeamoftheYear.
Bowmans is a leading 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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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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Restructuring
Key Contacts
RICHARD HARNEY
ManagingPartner,KenyaNairobi,Kenya
T: +254202899000E: [email protected]
WILLIAM KASOZI
ManagingPartner,UgandaKampala,Uganda
T: 256414254540E: [email protected]
LYNDON NORLEY
HeadofRestructuringCapeTown,SouthAfrica
T: +27214807905E: [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
DAVID ANDERSON
PartnerJohannesburg,SouthAfrica
T: +27116699385E: [email protected]
ADAM HARRIS
PartnerCapeTown,SouthAfrica
T: +27214807837E: [email protected]
JAMES MCKINNEL
PartnerCapeTown,SouthAfrica
T: +27214807820E: [email protected]
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Restructuring
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]
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