IFLR AFRICA AWARDS 2020 – WINNERS ANNOUNCEMENT
The Law Crest LLP recognised for their restructuring work at major awards
Leading firm win for Restructuring Deal of the Year at inaugural IFLR Awards for Sub Saharan Africa
Restructuring Deal of the Year: Savannah Petroleum/Seven Energy Group restructuring
James Wilson, commercial editor, IFLR, said of their success: “The Law Crest LLP acted for Savannah Petroleum on the restructuring and acquisition of Seven Energy Group. This was an unprecedented transaction that tested Nigeria’s legal frameworks and practice to the limits.
Counsel advised Savannah Petroleum on behalf of Seven Energy, while the takeover was pending, on key aspects of Seven’s restructuring. One of these elements was a first-of-its-kind joint operating arrangement with Seven’s local partner Frontier that allowed Savannah to remain as a joint licensee of the Uquo Block while splitting the oil and gas operations between itself and Frontier. This was a completely bespoke arrangement.
There were several layers of debt in the Seven group spread across different entities and involving a variety of creditor groups, creating a complex cashflow governed by highly bespoke intercreditor arrangements. Savannah, alongside the other Seven stakeholders, had to negotiate with the creditors. There were also significant local law issues, especially relating to regulatory approvals, currency conversion and commercial agreements.
The Law Crest LLP conducted due diligence for Savannah on the acquisition and prepared documentation for the transfer of Seven’s properties and pipeline rights of way to Savannah. The restructuring sets a benchmark in the Nigerian market and beyond.”
To see the full announcement for the awards please visit: https://vimeo.com/456553204
To see the full list of shortlisted please visit:
https://www.iflr.com/article/b1n0pjt4ms56x3/iflr-sub-saharan-africa-awards-2020-shortlist-revealed
to see the full list of winners please visit:
https://www.iflr.com/article/b1nb1q4vg4j0pf/iflr-sub-saharan-africa-awards-2020-winners-announced
Full a full explanation of the process and methodology please visit IFLR1000’s:
https://www.iflr.com/article/b1m3x358xzv4b3/iflr-sub-saharan-africa-awards-2020-open-for-entries