RESTRUCTURING

2

BOWMANS

Contents

04 OurFirm

05 OurFootprintinAfrica

06 OurRestructuringServiceLine

07 OurSpecialistServices

08 OurSignatureMatters

10 Accolades

12 KeyContacts

3

Restructuring

Our Firm

WithsixofficesinfourAfricancountriesandover400specialisedlawyers,we

aredifferentiatedbyourindependenceandthequalityoflegalservicesweprovide.

WedrawonouruniqueknowledgeoftheAfricanbusinessenvironmentandin-depthunderstandingofthesocio-politicalclimatetoadviseclientsonawiderangeoflegalissues.Ouraimistoassistourclientsinachievingtheirobjectivesassmoothlyandefficientlyaspossiblewhileminimisingthelegalandregulatoryrisks.

Ourclientsincludecorporates,multinationalsandstate-ownedenterprisesacrossarangeofindustrysectorsaswellasfinancialinstitutionsandgovernments.

Ourexpertiseisfrequentlyrecognisedbyindependentresearchorganisations.Wewererankedfirstbydealvalueandsecondbydeal

countinMergermarket’s2018Africaleaguetablesforlegaladvisors.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.

4

BOWMANS

CONTENTS PAGE

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.

5

Restructuring

CONTENTS PAGE

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

6

BOWMANS

CONTENTS PAGE

• Contingencyplanning• Cross-borderrestructurings,particularly

cross-bordergrouprestructuringsthatinvolvesimultaneousinsolvencyfilingsinmultiplejurisdictions

• Dealingwithauditorconcernsregarding‘goingconcern’statusandrelatedissues

• Debtrestructuringandrescheduling–bothcreditor-ledanddebtor-led

• Directors’dutiesduringperiodsoffinancialdistressandrestructurings

• DistressedM&Atransactions• Equitycapitalraisingandrestructuring• Formalrestructuringproceduressuchas

•schemesofcompromise •schemesofarrangementanddebt

equityswaps •exchangeoffers •businessrescue •liquidation• Investigation,assettracingand

insolvencylitigation• Refinancingoffinancefacilities• Standstillandforbearancearrangements

Our Specialist Services

Bowmansis“atthe

forefrontofcontentious

restructuring,

insolvencyand

receivershipmatters.”

– Legal 500, 2018

7

Restructuring

CONTENTS PAGE

Thenatureofourclientsandrangeofmatterswehaveactedforthemonareindicativeofthewealthofourrestructuringexperience.

AFRICA Wehaveactedfor:

• AfriSam,ontherestructuringofitsfinancialindebtednesscomprisingEUR1billionhighyieldseniorsecurednotes,ZAR8.5billionPIKfacility,ZAR1billionhedgingliabilities,ZAR5billionpreferenceshareliabilitiesandZAR500millionrevolvingcreditfacilitiesandtheintroductionofnewZARseniordebtfacilitiesofZAR5billiontorefinancecertainofthefinancialindebtednessofAfriSam.

• Chrysler(inChapter11Bankruptcy)onthecreationofapledgeoverSouthAfricanassetsassecurityfortheloanadvancedtoChryslerbytheTreasuryDepartmentoftheUnitedStatesofAmericaunderthestimulusplan.

• AsignificantstakeholderintheEdconGroup’slong-termrestructuringofitsdebt,operationsandcapitalstructure.TheEdconGrouphasacomplicatedcapitalstructureinvolvingtermlenders,varioustranchesofEuroandRanddenominatednotes,hedgingarrangementsandjunior,seniorandsubordinateddebt,acrossmultiplejurisdictions.DebtbeforerestructuringwasinexcessofZAR30billion.

• Listedsteelmineandproducer,EvrazHighveldSteelandVanadiumLtd(anditsBoardofDirectors),onallaspectsofitsbusinessrescueprocess.

• TheNationalTreasuryinrelationtotherestructureofAfricanBankLtdandinrespectoftheresolutionplanannouncedbythe

GovernoroftheSouthAfricanReserveBankon10August2014.

• TheOverseasShipholdingGroup,Inc(oneofthelargestshippingtankergroupsintheworld;listedontheNewYorkStockExchange)andits180subsidiariesinanurgentprecedent-makingcourtapplicationtorecogniseitsUSbankruptcyinSouthAfricaandtoapply,withfullforceandeffect,theautomaticstayprovidedforinsection362oftheUSBankruptcyCode,inSouthAfrica.

• ThebankruptcyadministratorofLehmanBrothersEuropeontheeffectoftheadministrationontheunsettledtradesontheSouthAfricanStockExchangeviatheSTRATEsettlementsystem.

• PeermontGlobalGroupinrelationtoitsraisingofZAR5.3billionofnewdebtandtheassociatedrecapitalisationandrestructuringofthehospitalityandgaminggroup.

• StandardCharteredBanktogetherwithCreditSuisseAG,whowereprincipallenderstoGreatBasinGold,alistedCanadianminingcompanywhichownedtwomines,oneinNevadaandoneinJohannesburg.GreatBasinGoldandbothmine-owningsubsidiarieswereplaced,simultaneously,intocross-borderbankruptcyproceedings:voluntarycompanycreditorsarrangementinCanada,chapter11bankruptcyinNevada,andbusinessrescueinSouthAfrica.Priortotherestructuring,theSouthAfricancreditors’claimsexceededZAR11billion.ThefinalrestructuringinvolvedthesaleofthesharesintheSouthAfricansubsidiarytoanotherlistedmininggroup,thecompromiseofcertaindebt,therefinancingofotherdebtandtheintroductionofnewfinancefacilities.

Our Signature Matters

8

BOWMANS

CONTENTS PAGE

• TheWorldBankinthecapacityasa‘peerreviewer’ofanassessmentandreportitwasconductingontheInsolvencyandCreditorRightsoftheSouthAfricaninsolvencyregime.

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.

9

Restructuring

CONTENTS PAGE

AccoladesAFRICAN LEGAL AWARDS 2018WewerenamedAfricanLawFirmoftheYear(LargePractice).Wewerealsooneofonlytwofirmsthattookhomethreepracticeawards-forPropertyandConstructionTeamoftheYear,EnergyandNaturalResourcesTeamoftheYearandTMTTeamoftheYear.

CHAMBERS AFRICA AWARDS 2018

WewerenamedSouthAfricanLawFirmoftheYear.

DEALMAKERS SOUTH AFRICA AWARDS 2018

WewereplacedfirstfordealflowandthirdfordealvalueintheGeneralCorporateFinancecategory,andthirdfordealvalueandfourthfordealflowintheM&Acategory.

DEALMAKERS EAST AFRICA AWARDS 2018Wereceivedawardsininfiveoutofsixcategories:toplegaladviserinM&Aforbothdealflowandvalue,toplegaladviserinGeneralCorporateFinanceforbothtransactionflowandvalue,andadvisedontheDealoftheYear(theRubisEnergietakeoverofKenolKobil).

MERGERMARKET LEAGUE TABLES 2018WewererankedfirstbydealvalueandsecondbydealcountintheAfricaleaguetablesforlegaladvisors,andthirdbydealcountintheMiddleEast&Africaleaguetableforlegaladvisors.

10

BOWMANS

CONTENTS PAGE

71 37 32Recognised Lawyers

Recognised Lawyers

Recognised Lawyers

BAND 1

KENYA

Banking&FinanceCorporate/M&AEmploymentIntellectualPropertyRealEstate

SOUTH AFRICA

CapitalMarkets:DebtCapitalMarkets:EquityCompetition/AntitrustCorporateInvestigationsCorporate/M&AEmploymentEnvironmentIT&TelecommunicationsProjects&EnergyPublicLawShippingTax

TANZANIA

GeneralBusinessLaw

UGANDA

GeneralBusinessLaw

BAND 2

SOUTH AFRICA

Banking&FinanceDisputeResolutionFintechMedia&BroadcastingRestructuring/Insolvency

KENYA

FintechProjects&Energy

CHAMBERS & PARTNERS 2019 RANKED US IN THE FOLLOWING AREAS

TIER 1KENYA

Financial&CorporateMining

SOUTH AFRICA

CapitalMarketsPowerM&AUGANDA

Financial&CorporateProjectDevelopment

TIER 2KENYA

PowerInfrastructure

SOUTH AFRICA

BankingInfrastructureMiningOil&GasProjectFinance

TIER 3TANZANIA

Financial&CorporateProjectDevelopment

IFLR1000 2019 RANKED US IN THE FOLLOWING AREAS

TIER 1KENYA

Banking,Finance&CapitalMarketsCommercial,Corporate&M&AEmploymentRealEstate&Construction

SOUTH AFRICA

Commercial,Corporate&M&ACompetitionEmploymentProjects&InfrastructureShipping

UGANDA

LegalMarketsOverview TIER 2KENYA

DisputeResolutionProjects&Energy

SOUTH AFRICA

Banking&FinanceConstructionDisputeResolutionInvestmentFundsTax

TANZANIA

LegalMarketsOverview

THE LEGAL 500 EMEA 2018 RANKED US IN THE FOLLOWING AREAS

11

Restructuring

CONTENTS PAGE

Key Contacts

RICHARD HARNEY

ManagingPartner,KenyaNairobi,Kenya

T: +254202899000E: richard.harney@bowmanslaw.com

ASHLEIGH HALE

Co-HeadofCorporateJohannesburg,SouthAfrica

T: +27116699342E: ashleigh.hale@bowmanslaw.com

ULRIKE NAUMANN

HeadofGeneralFinanceJohannesburg,SouthAfrica

T: +27116699377E: ulrike.naumann@bowmanslaw.com

ADAM HARRIS

PartnerCapeTown,SouthAfrica

T: +27214807837E: adam.harris@bowmanslaw.com

12

BOWMANS

CONTENTS PAGE

To view profiles of our lawyers,

please visit www.bowmanslaw.com

JAMES MCKINNEL

PartnerCapeTown,SouthAfrica

T: +27214807820E: james.mckinnell@bowmanslaw.com

PETER WHELAN

PartnerCapeTown,SouthAfrica

T: +27214807900E: peter.whelan@bowmanslaw.com

PHILIP COULSON

PartnerNairobi,Kenya

T: +254202899000E: p.coulson@bowmanslaw.com

LYNDON NORLEY

ConsultantCapeTown,SouthAfrica

T: +27214807905E: lyndon.norley@bowmanslaw.com

13

Restructuring

CONTENTS PAGE

Cape Town

T: +27214807800E:info-cpt@bowmanslaw.com

Dar es Salaam

T: +255768988640E: info-tz@bowmanslaw.com

Durban

T: +27312650651E:info-dbn@bowmanslaw.com

Johannesburg

T: +27116699000E:info-jhb@bowmanslaw.com

Kampala

T: +256414254540E:info-ug@bowmanslaw.com

Nairobi

T: +254202899000E:info-ke@bowmanslaw.com

Follow us on Twitter:

@Bowmans_Law

www.bowmanslaw.com

CONTENTS PAGE