Walkers Sponsors Virtual GAIM Ops Connect Series

While we may not be able to see our friends and colleagues in Grand Cayman this year, Walkers is sponsoring the virtual GAIM Ops Connect series.

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Walkers Tops Market Leading Rankings in Chambers Global Again

Walkers leads the way with 10 "Band 1" practice area rankings (out of a market leading 23 practice areas) and an overall "Band 1" ranking in 'Global Offshore'.

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AML Training Portal Launch

Walkers Professional Services Launches New e-Learning AML Training Portal

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Walkers Celebrates 5 Years in Bermuda

Walkers (Bermuda) Limited is pleased to celebrate the five year anniversary of its Bermudian operations in Hamilton, Bermuda.

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Walkers acts as BVI counsel to Kerogen's disposal of stake in Energean Israel Limited

Walkers (London) has acted as British Virgin Islands (BVI) law counsel to Kerogen Investments No. 38 Limited ("Kerogen"), a part of the Kerogen Capital group, in relation to its entry into a sale and purchase agreement with its listed joint venture partner and project operator Energean plc ("Energean") for the sale of its 30% shareholding in Energean Israel Limited ("EISL").

The total fixed consideration to be received by Kerogen for the sale will be between US$380 million and US$405 million depending on the timing of payment of the deferred consideration, and will include Kerogen retaining some ongoing participation through US$50 million of convertible loan notes. 

The transaction is conditional upon Energean shareholder, regulatory and other customary approvals with completion expected to occur in the first quarter of 2021. Upon completion, Energean will own 100% of EISL's share capital.  

Kerogen Capital is an independent private equity fund manager specialising in the international oil and gas sector, that manages over US$2 billion across multiple funds. Energean, a FTSE 250 company, is a London-based independent E&P company focused on developing resources in the Mediterranean.  

Partner, Neil McDonald, led the Walkers London team which acted as BVI law counsel to Kerogen, and was assisted by associates, Thomas Mawson and Tom Esler.

Mr. McDonald commented that “it has been Walkers’ pleasure to have acted for Kerogen over the years in relation to its important investment in this leading E&P company and to see the significant progress that has been made in advancing the Karish and Tanin development project, offshore Israel".  Mr. McDonald added that "the Walkers team is delighted to be acting for Kerogen on the sale of its stake in EISL and is fully focussed on assisting the Kerogen team in successfully concluding the transaction in the coming weeks".

Walkers is the leading offshore law firm in London and provides time zone-sensitive advice to clients in the EMEA region requiring legal expertise on matters involving BVI and Cayman Islands law, so that clients have "real-time" access to our BVI and Cayman lawyers.  Walkers (from its global network of ten international offices) also advises on Bermuda, Guernsey, Jersey (Channel Islands) and Irish law.

Walkers Acts on GAN Limited's Capital Raise

Walkers (Bermuda) Limited, having previously acted on GAN Limited's ("GAN") (NASDAQ: GAN) initial public offering in May 2020, is pleased to have once again performed as Bermuda counsel to GAN's subsequent capital raise share offering at US$15.50 per share.

The purpose of the capital raise was to pay a portion of the purchase price of the acquisition of Vincent Group plc, a public limited company doing business as 'Coolbet'.

GAN is a leading business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the U.S. land-based casino industry. Coolbet is a gaming site and sportsbook software platform based in Europe with international operations and has 170 employees.

Walkers was led by Bermuda Finance & Corporate partners Jonathan Betts and Natalie Neto with senior associate Rachel Nightingale completing the team. Walkers was instructed by US law firm Sheppard, Mullin, Richter & Hampton LLP.

Walkers Advises on Restructuring of Fashion Retailer New Look

Walkers has acted alongside Allen & Overy on the successful consensual financial restructuring of New Look, a leading UK multi-channel fashion retailer with more than 500 stores across the UK and Ireland.

The multi-faceted restructuring included Walkers advising on the Jersey law aspects of an extension of the Group's working capital facilities in order to ensure that the Group has no near term debt maturities

The Walkers Jersey team comprised Group Partner Jon Le Rossignol, Senior Counsel Louise Hamilton and Legal Assistant Matt Tout.

Jon Le Rossignol said: "The distressed environment that we are currently witnessing is pan-sector but the impact is being particularly felt in retail, where offshore entities are a constant. Jersey corporates often sit as obligors in highly complex capital structures in the retail sector, particular where these businesses have been through at least one round of restructuring previously.

"We are seeing a continued uptick in consensual restructuring activity, with a number of live mandates for household names.  We are one of the market leaders in this area and continue to work closely with our Restructuring & Insolvency colleagues to advise different categories of stakeholders, including recently on the multi-million pound restructuring of Travelex, the world's largest foreign exchange bureau."   

Walkers Advises Duddell Street Acquisition Corp. on the Listing of its US$175 Million SPAC

Walkers acted as Cayman Islands counsel to Duddell Street Acquisition Corp. on its US$175 million initial public offering of 17,500,000 units. Each unit had an initial offering price of US$10 and consists of one Class A ordinary share and one-half of one redeemable warrant. The units, the shares and the warrants are listed on the Nasdaq Capital Market.

The company is a newly incorporated special purpose acquisition company (SPAC) formed for the purpose of effecting an initial business combination, and intends to focus on global companies in telecom, media and technology, healthcare, fintech and consumer sectors with compelling Asian growth potential.

Cayman Islands partner Andrew Barker, Hong Kong partner Jo Lit and Legal Manager Kevin Ho advised the company on the Cayman Islands law aspects, while Davis Polk & Wardwell LLP advised the company on the US law aspects.

Walkers Bermuda Acts as Counsel to Fleming Reinsurance Ltd in Acquisition of Locally Domiciled Captive Insurer

Walkers were pleased to act as Bermuda counsel to Fleming Reinsurance Ltd. ("Fleming") in connecting with its agreement to acquire Sinclair Insurance Company ("Sinclair"), a captive insurer domiciled in Bermuda.

Sinclair has operated in Bermuda for 35 years and has provided workers' compensation as well as general and products liability and commercial auto lines of business. Sinclair was used to provide reinsurance to the primary insurers of affiliated companies.

Fleming's acquisition provides Sinclair's shareholders with an absolute exit solution, allowing for operating expenses to be completely eliminated and capital to be released.

Acting alongside Sinclair's advisors at Aon, the Walkers team was led by Bermuda partners Natalie Neto and Peter Dunlop and supported by senior associate Rachel Nightingale.

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