White & Case LLP has advised La Banque Internationale pour le Commerce et l'Industrie du Sénégal, CBAO Groupe Attijariwafa Bank, Crédit du Sénégal and Banque Islamique du Sénégal as lenders on the restructuring of several secured financings to Industries Chimiques du Sénégal (ICS), the largest industrial complex in Senegal, which produces phosphate, phosphoric acid and fertilizers.

White & Case has also advised Axis Bank, Shanghai Branch, Axis Bank Hong Kong Branch, ICICI Bank Limited Singapour Branch and ICICI Bank UK Plc on the structuring of new Capex and working capital financings. After nearly two years of negotiations aimed at sustaining and developing ICS activity, the restructuring of the  financings enabled the company to end its pre-bankruptcy regime which started in 2008 and to restructure and share the entire security package for the benefit of all the lenders – the Senegalese and Indian commercial banks as well as development finance institutions (DFIs) comprising the European Investment Bank (EIB), la Banque Ouest Africaine de Développement (BOAD) et l'Agence Française de Développement (AFD).

The White & Case team which advised on the transaction was led by partners Matthew Wood (Abu Dhabi) and Paule Biensan (Paris) with support from counsel Marianna Sédéfian (Paris) and associates Adrian Lawrence (London), Alexander Malahias (Abu Dhabi) and Jonathan Djenaoussine (Paris). Hogan Lovells, France advised the DFIs, while Francois Sarr, Senegal, acted as Senegalese counsel for all parties.