Orrick Transaction Wins Am Law Global Finance Deal of the Year for African Insolvency and Restructuring

July.21.2017

Orrick has been recognized by The American Lawyer for its role in the $2.2 billion debt restructuring of South Africa’s largest non-food retailer, Edcon, the latest recognition for our growing work in the Africa market. The transaction was announced as the publication’s Global Finance Deal of the Year for African Insolvency and Restructuring earlier this week.

Stephen Phillips, co-head of the firm’s European Restructuring group, led the Orrick team acting for Glas Trust Corporation Limited, which became trustee of two Senior Secured Notes worth more than $1 billion in principal amount issued by Edcon in July 2016. The highly complex cross-border restructuring involved a large number of stakeholders, including South African and international lenders, bondholders and Bain as shareholder. It reduced Edcon’s debt burden, and transferred ownership from Bain to a number of hedge fund creditors. Edcon’s operational debt was reduced to approximately $540 million. The Orrick team also included Scott Morrison, Jack Mead and Sushila Nayak.

This is the latest accolade for our work in Africa. Earlier this year, Chambers Global recognized our firm for the strength of its corporate/M&A, dispute resolution, and projects and energy practices across the continent. And in March Pascal Agboyibor, Yves Lepage and Laurent Jaeger were each named among the top 50 lawyers in Africa by Jeune Afrique, with Pascal claiming the #1 overall spot.