DLA Piper has advised Deutsche Bank on its special situations investment in Australian listed Paladin Energy Limited (PEL), which holds substantial uranium and mining assets in Namibia, Malawi, Canada and certain Australian states.

PEL was placed into voluntary administration in July 2017 after Electricité de France (EDF) advised PEL that it was not prepared to enter into a standstill and required the repayment of its US$277 million claims against the Paladin group companies (the "EDF Claims"). A restructuring proposal to be undertaken by way of a Deed of Company Arrangement (DOCA) was subsequently put forth and successfully implemented in February 2018.

DLA Piper provided comprehensive legal coverage to Deutsche Bank across the overall restructuring process, including a US$60 million new money rescue financing to the Paladin group, acquisition of the EDF Claims by Deutsche Bank, participation in the US$115 million new notes offering by PEL, the DOCA implementation process, and downstream equity trades in connection with the DOCA process.

Key members of the DLA Piper global team led by Finance and Restructuring partner Timothy Tan included: Hong Kong - Mark Fairbairn; Australia - James Philips, David Ryan, Kon Tsiakis, Alex Regan, Rhys Davies, Amit Jois, Gary Segal, Jack McDonell and Matthew Roberts; Paris - David Chijner and Marta de Franciscis; Canada - Brian Davison Q.C.; London - David Ampaw.

Timothy Tan said: "We are proud to have provided holistic support to Deutsche Bank for its special situations investment in the Paladin group and achieving a successful outcome for our client and also an effective corporate rescue of Paladin. The multi-jurisdictional nature of this complex transaction saw the DLA Piper team deliver on a comprehensive basis and is a testament to the excellent DLA Piper platform to support its clients globally."