S&C’s Restructuring Work for Ambatovy Recognized at IFLR Africa Awards

August 30, 2022

S&C earned two recognitions at the 2022 IFLR Africa Awards—Restructuring Deal of the Year and Restructuring Team of the Year. The restructuring of the Ambatovy Project, an $8 billion nickel and cobalt mining enterprise in Madagascar, won Restructuring Deal of the Year. S&C advised Ambatovy Minerals and Dynatec Madagascar on the transaction, for which S&C also won Restructuring Team of the Year.

Ambatovy is the largest foreign investment in Madagascar and one of the largest in sub-Saharan Africa. The complicated restructuring was negotiated while the project was on care and maintenance due to COVID-19 restrictions, and established a stable and sustainable basis to continue operations. S&C previously advised the Ambatovy Project and its shareholders in its original project financing, and in multiple debt and equity restructurings.   

The S&C team advising Ambatovy was led by Stewart Robertson and Jonathon Hannah, and included Silvia Brünjes, Anna Chirou, Matthew Squire and Lillie Peichl. Chris Howard and Nick Berkeley advised on certain English law restructuring aspects.

The IFLR Africa Awards recognize legal innovation in cross-border transactions.