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Our Global Restructuring Group2017

Our Global Restructuring Group | 20172

© Allen & Overy LLP 2017

Our global presence

“What the firm brings to the table is a whole stable of very experienced restructuring lawyers. Some of the restructurings are multi-regional with lots of different aspects, and the lawyers are all commercial and focused.”Chambers Global, 2016, Restructuring and Insolvency: Global Wide

44 officesWe have 44 offices in 31 countries

PresenceWe have a strong presence spanning many locations

NetworkWe have a strong network of relationship firms

A first class restructuring group

NORTH AMERICANew YorkWashington, D.C.

CENTRAL & SOUTH AMERICASão Paulo

* Associated office ** Cooperation office

AFRICACasablancaJohannesburg

MIDDLE EASTAbu DhabiDohaDubaiRiyadh**

EUROPEAmsterdamAntwerpBarcelonaBelfastBratislavaBrusselsBucharest*BudapestDüsseldorfFrankfurtHamburg

IstanbulLondonLuxembourgMadridMilanMoscowMunichParisPragueRomeWarsaw

ASIA PACIFICBangkokBeijingHanoiHo Chi Minh CityHong Kong Jakarta*PerthSeoulShanghaiSingaporeSydneyTokyoYangon

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Our unrivalled restructuring and insolvency team, with more than 150 lawyers specialising in restructuring across 44 offices globally, is truly world class. With such an extensive and dedicated team, we advise on the largest and most complex restructurings, and pride ourselves on providing pioneering solutions as well as delivering real commercial results. We specialise in cross-border restructurings and insolvencies, utilising the full range of international options including U.S. Chapter 11 reorganisations, UK schemes of arrangement, pre-packaged sales and debt for equity swaps.

Our expertise covers advice on contingency planning, debt restructuring and reschedulings, distressed acquisitions/sales, credit bidding, formal insolvency proceedings, out-of-court refinancings and distressed debt trading. We advise lenders and investors at all levels of the capital structure as well as corporates/directors, central banks, insolvency officeholders/trustees and government institutions. We work closely with specialists in related practice areas including finance, corporate, real estate, employment, pensions, tax, environment, regulatory, capital markets and litigation to provide our clients with a seamless and integrated service.

“The quality of their thinking stood out, and we wanted a firm who had the people and brainpower.” Chambers UK 2017 – Restructuring/ Insolvency

“They provide a one-stop solution when you do cross-border restructuring.” Chambers Europe 2017 – Restructuring/Insolvency – Europe-wide

Our Global Restructuring Group | 20174

© Allen & Overy LLP 2017

Highlights of our recent experience around the globe

CO-OP

The Co-operative Group (Group) and The Co-operative Bank (Bank) on the structuring and implementation of the recapitalisation plan for the Bank, which involved a consensual bail in of subordinated debt (the first of its kind in the UK) and a highly structured capital contribution of GBP450m from the Group to the Bank.

BANCO ESPIRITO SANTO

Banco de Portugal on the bank restructuring and resolution of Banco Espirito Santo and on the sale of Novo Banco.

TOISA SHIPPING

ING Bank N.V. as security agent and lender under various senior secured facilities with respect to Toisa Shipping Ltd. and its subsidiaries, as debtors in chapter 11 cases involving the U.S. affiliates and related litigations in the U.S.

METINVEST

Metinvest, a vertically integrated steel and iron ore producer and one of the largest Ukrainian companies, on its c.USD2.2bn financial restructuring.

DUBAI GROUP

The secured creditors committee on the USD10bn restructuring of the Dubai sponsored financial services and real estate investment business of Dubai Group LLC and its subsidiaries.

THE SANKO STEAMSHIP CO. LTD.

The debtor during its restructuring, including, in particular, advising on its strategy to liaise with international creditors, providing big-picture cross-border insolvency advice and obtaining U.S. Chapter 15 recognition of the Japanese Corporate Reorganisation procedure almost simultaneously with the preliminary Japanese filing. This multijurisdictional project involved the participation of various A&O offices, including Tokyo, New York, London and Hong Kong, and drew heavily on our insolvency and shipping experience.

BALLAST NEDAM

The lenders on the financial and corporate restructuring of Ballast Nedam, a listed construction company, by means of bridge financing, a rights issue of EUR400m and a L/C facility restructuring in relation to the projects, this also included advising the lenders on delisting the company and the change of ownership.

PUNCH TAVERNS

Citibank in its capacity as swap counterparty on the restructuring of the Punch Taverns Group.

GRUPO VITALDENT

Intermediate Capital Group on the restructuring of the debt of Grupo Vitaldent.

MARME INVERSIONES

The original senior lenders and hedging counterparties to Marme Inversiones on its debt restructuring and insolvency proceedings, including advice on possible acquisition and enforcement options over the underlying real estate assets (Banco Santander’s Ciudad Financiera headquarters) and in relation to various litigation actions commenced within the insolvency.

PHONES 4U

The Administrators (PwC) and the company on the administration of Phones 4u Ltd, the first of the recent wave of UK High Yield deals to go into administration.

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IVG

Deutsche Bank AG, London Branch, on the refinancing of IVG with EUR1.5bn debt across two loans, for EUR805m and EUR680m, that the bank lent to members of the IVG group in order to restructure their debt. Awarded ‘Global Finance Deal of the Year: Restructuring (Germany)’ at the American Global Legal Awards 2015.

LDK SOLAR

The supporting class of preferred creditors on the restructuring of LDK Solar. The reorganisation involved schemes of arrangement sanctioned by the Hong Kong and Cayman Island courts, as well as a U.S. prepackaged plan under Chapter 11 for each of LDK Solar’s three U.S. subsidiaries. It is believed to be the first judicially approved, multi-jurisdictional debt restructuring of its kind for a China based entity. Awarded “Finance Deal of the Year: Insolvency & Restructuring” at the Asian Legal Awards.

FOUR SEASONS HEALTH CARE GROUP

Four Seasons Health Care Group and Terra Firma in connection with a financial creditor and leasehold estate restructuring of the Group’s debt and capital structure.

AL JABER

The co-ordinating committee of lenders (comprising of ADCB, FBG, NABD and UNB) appointed with respect to the financial restructuring of the Al Jaber Group, an Abu Dhabi family owned business comprising of construction, engineering and shipping.

MACINTOSH

Macintosh on a corporate and financial restructuring of the retail group.

DRYDOCKS

The instructing bank group of lenders in relation to discussions with Companies in the Drydocks World Group regarding the restructuring of circa USD2.1bn of debt facilities. Drydocks World is the largest shipyard facility in the Middle East and is a flagship company of Dubai World subsidiary, Drydocks World Dubai.

NORTEL GROUP

Nortel Canada in the cross-border bankruptcy proceedings for the Nortel Group that culminated in the sale of substantially all of the assets of the Nortel Group and the ensuing, unprecedented cross-border trial to determine the allocation of over USD7bn of sale proceeds among the group’s creditors.

CORY ENVIRONMENTAL

The Senior Co-ordinating Committee in the restructuring of Cory Environmental, one of the largest recycling and waste management companies in the UK.

GUARDIAN

Macquarie Bank Limited in its capacity as swap counterparty on the restructuring of Guardian Digital Communications Group (Airwaves).

DUBAI INTERNATIONAL CAPITAL

The coordinating committee of lenders on the restructuring of Dubai International Capital (DIC). DIC is a subsidiary of Dubai World and primarily focuses on private equity in the Middle East, Western Europe and the U.S.

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© Allen & Overy LLP 2017

BARTEC

The senior lenders (acting via the facility agent) on the debt restructuring of Bartec, a German safety equipment manufacturer, owned by private-equity company Charterhouse.

WATERTON GLOBAL RESOURCE MANAGEMENT INC

A Waterton Global Resource Management Inc. in the purchase of certain mining and operating assets of Mineral Park Inc., located in Kingman, AZ, through a section 363 asset sale under chapter 11 of the U.S. Bankruptcy Code.

STEMCOR

The co-ordinating committee of lenders in relation to the restructuring of the Stemcor group, a privately owned steel trading business. The restructuring involved a demerger of the Stemcor Group into separate core and non-core businesses. All lenders retained a limited recourse debt claim against the non-core business and a reduced debt claim against the core business, while those lenders that supported the core-business (by providing new syndicated trade finance and borrowing base facilities) also received equity in the core business. The restructuring was complex involving a pre-planned administration, scheme of arrangement and release of junior debt pursuant to intercreditor provisions and successfully withstood challenge from a junior lender and certain shareholders. The end result was financial stability for the core steel trading business and the preservation of jobs at a time when many businesses in the sector are struggling.

CHC GROUP

BNPP and HSBC as agents with respect the lease and financing arrangements for 30 commercial helicopters leased to CHC Group Ltd. and its subsidiaries. A&O’s U.S. restructuring group has advised on strategy and all aspects of the U.S. chapter 11 process, including potential litigation regarding proceeds of insurance coverage relating to a total loss event involving one of the aircraft included in the BNPP collateral.

AUTOBAR

Autobar Group (now called Pelican Rouge Group) on its EUR900m debt restructuring on a consensual basis with its lenders, which resulted in a significant reduction of the Group’s debt and cash interest expense.

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HANJIN SHIPPING

Hanjin Shipping on its USD78m sale of a majority interest in Total Terminals International, a container terminal in Long Beach, California.

AFRICAN BANK LIMITED

The Tier II Noteholders in the curatorship proceedings of African Bank Limited. This is a high profile matter involving legal issues regarding the treatment of Tier II creditors in a curatorship under the Banks Act, 1990.

EDCON

A syndicate of twelve South African and international term loan lenders on the restructuring of the Edcon Group.

DEUTSCHE ANNINGTON IMMOBILIEN GROUP

One of Germany’s leading residential property companies, on the rescheduling of the EUR4.3bn German multi-family CMBS. This is one of the largest European real estate finance and CMBS refinancings since the financial crisis and involves a cross-border team from our German and UK offices.

OW BUNKER & TRADING A/S

The Security Agent and the Receivers in relation to USD700m borrowing base facilities for OW Bunker & Trading A/S in connection with the global insolvency of the OW Bunker group.

NEW WORLD RESOURCES

Natixis as Facility Agent and the ECA Lenders under an ECA Loan Agreement in connection with the restructuring of the New World Resources Group, which involved the issue of new notes, a rights issue, a new super senior credit facility and extending the terms of the ECA loan, while ensuring ongoing guarantee coverage.

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© Allen & Overy LLP 2017

Restructuring/Bankruptcy

Team of the YearFinancial News Awards

2013 & 2015

Stemcor Group – Banking, Finance, and Restructuring Team of the Year

British Legal Awards 2014

SAUR – Restructuring

Deal of the YearIFLR Europe Awards 2014

Al Jaber – IFLR Middle East

Restructuring Deal of the Year 2015

IFLR Middle East Awards 2015

Restructuring Team of the Year 2015

IFLR Middle East Awards 2015

IVG Immobilien AG – Global

Finance Deal of the Year: Restructuring

(Germany) American Lawyer Global

Legal Awards 2015

Awards

Restructuring Deal of the Year - National Titanium Dioxide Company

(Cristal) refinancingIslamic Finance News

Awards 2016

Innovation in Legal Expertise: Restructurings & Reorganisations

award for Piraeus Bank

FT Europe Awards, 2016

Best Law Firm in Insolvency & Restructuring

Islamic Finance News (IFN) Awards 2017

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SEAT Pagine Gialle – Restructuring Deal

of the YearIFLR Europe Awards 2013

DANA Gas –Restructuring Deal

of the Year IFLR Middle East Awards 2013

Deutsche Annington Restructuring –

Highly Recommended in the Finance

category FT Innovative Lawyers 2013

Greek PSI – Debt and Equity-linked Deal of the YearIFLR Europe Awards 2013

Restructuring & Insolvency

Firm of the YearChina Business

Law Journal Awards 2013

Pfleiderer Restructuring –

Best Legal Advisory Project PLATOW Recht Award 2013

Vinashin Restructuring –

Deal of the Year 2013

Asian-MENA Counsel Awards 2013

Vinashin – Restructuring

Deal of the YearIFLR Asia Awards 2014

Restructuring Law Firm of the Year in Belgium

Corporate INTL Legal Awards 2014

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Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. The term partner is used to refer to a member of Allen & Overy LLP or an employee

or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s affiliated undertakings.

GLOBAL PRESENCE

Allen & Overy is an international legal practice with approximately 5,200 people, including some 530 partners, working in 44 offi ces worldwide. Allen & Overy LLP or an affi liated undertaking has an offi ce in each of:

Abu DhabiAmsterdamAntwerpBangkokBarcelonaBeijingBelfastBratislavaBrussels

Bucharest (associated offi ce)

BudapestCasablancaDohaDubaiDüsseldorfFrankfurtHamburgHanoi

Ho Chi Minh CityHong KongIstanbulJakarta (associated offi ce)

JohannesburgLondonLuxembourgMadridMilan

MoscowMunich New YorkParisPerthPragueRiyadh (cooperation offi ce)

RomeSão Paulo

SeoulShanghaiSingaporeSydneyTokyoWarsawWashington, D.C.Yangon

© Allen & Overy LLP 2017 | CS1205_CDD-3087_ADD-67212

For a list of key restructuring contacts in each of the jurisdictions in which we operate, please contact:

Global Head of Restructuring

Tel +44 20 3088 2671 ian.field@allenovery.com

FOR MORE INFORMATION, PLEASE CONTACT:

Ian Field