Practice Areas - Restructuring and Insolvency Law Firms and Lawyers
| Deal Date: | 02-03-2016 | Practice Area: | Restructuring and Insolvency |
| Deal Title: | African Bank Limited - Curatorship and Debt Restructuring | Industry: | Banks |
| Description: |
African Bank Limited was placed under curatorship in 2014. Offers to various classes of creditors were launched in early February 2016. The principal terms of the restructuring were as follows:
A new group to be established and the new holding company would receive a ZAR10 billion capitalisation from the South African Reserve Bank, the Government Employees Pension Fund in South Africa and a consortium of South African banks;
A newco (Good Bank) would acquire part of the African Bank business (the Good Bank business); and
African Bank made offers to its creditors, including offers to its senior and subordinated bondholders, to exchange certain bonds they held in African Bank for new bonds in Good Bank (or, for subordinated bondholders, shares in its holding company), cash payments and a residual claim in African Bank.
On March 2nd 2016, the Curator announced that the proposed restructuring of African Bank received the overwhelming support of its creditors. Linklaters advised the Curator.
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| Financial Center: | London | Value: | 0.00-0.00 |
| Advised Party: | Insolvency Practitioner | Law Firm | Linklaters |
| South Africa | South Africa | ||
| Classification: |
Debt Restructuring |
Lawyer | Richard Levy |
