Law Crest LLP wins IFLR’S Restructuring Deal of the Year award

At its inaugural award for Sub-saharan Africa, IFLR awarded Law Crest LLP the Restructuring Deal of the Year Award for their representation of Savannah Petroleum on the restructuring and acquisition of Seven Energy Group. The financial law publication acknowledged this as a groundbreaking transaction that tested Nigeria’s Legal framework and practice to its limits.

The leading firm advised Savannah Petroleum, while the takeover was pending, on crucial aspects of Seven’s restructuring. A notable element was a novel joint operating agreement 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 operation between itself and Frontier.

According to James Wilson, a commercial editor, IFLR, “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 inter-creditor 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.”