S&C has been shortlisted for Financial Times’s “Innovative Lawyers in Restructuring” Europe Award for advising Ambatovy Minerals Société Anonyme and Dynatec Madagascar Société Anonyme in their restructuring plan for $2.3 billion of outstanding debt. The clients operate a large-tonnage nickel and cobalt mining enterprise in Madagascar, owned by Sumitomo Corporation of Japan and Korea Mine Rehabilitation and Resources of Korea, which produces battery grade nickel and cobalt.
The restructuring was done pursuant to a Part 26A restructuring plan, which included a cross-class cram down of creditors. The scope and scale of the project required one of the most ambitious restructuring plans to date. It was the first restructuring plan involving a borrower under a limited recourse project financing and also the first to use recently injected super senior new money as the cramming class.
The completion of the debt restructuring supports the continuing operations of the mining project, which represents approximately 25 percent of Madagascar’s total exports and is critical to Madagascar’s national prosperity. The project is the largest-ever foreign investment in the country and the largest limited recourse project financing in the African mining sector. It also represents a vital source of U.S. dollar revenue for its people and government.
The S&C team included Stewart Robertson, Jonathon Hannah, Anna Delaud and Hattie Middleditch.