M. Natasha Labovitz is a corporate partner and Chair of the firm’s Business Restructuring & Workouts Group. Ms. Labovitz has extensive experience advising a range of clients, including private equity firms, fund investors and portfolio companies, in complex corporate restructurings and transactions, representing debtors and creditors in and out of bankruptcy and in cross-border insolvencies across multiple jurisdictions.
She was named “Best in Insolvency & Restructuring” by Euromoney Legal Media Group at the Americas Women in Business Law Awards 2018 and was selected as Dealmaker of the Year by The American Lawyer in 2015. She received Turnaround Management Association’s “Transaction of the Year: Pro Bono Award” for leading Big Apple Circus’ restructuring and acquisition by Compass Partners.
She also received Turnaround Management Association’s 2016 “Transaction of the Year: Large Company Award” for her role in advising Altegrity in its Chapter 11 proceedings and successful restructuring of more than $1.8 billion in funded indebtedness. Ms. Labovitz is ranked as a leading restructuring lawyer by Chambers USA, where clients say “she is very calm, provides excellent business advice, knows the Bankruptcy Code inside and out, and keeps what is always a contentious crowd level-headed and on the right path.”
She is also recommended by The Legal 500 US, where she has been described as an “excellent advocate and deal doer,” and was recognized in each of 2014 and 2015 by Turnarounds & Workouts in their annual list of twelve Outstanding Restructuring Lawyers in the United States. Ms. Labovitz was named “MVP” for 2015 by Law360 for her exceptional work in restructuring.
Ms. Labovitz has authored or co-authored articles on many bankruptcy-related topics and is a frequent speaker on industry panels. Her recent publications include “Recent Court Decisions Add Potential Risks in Workout Transactions,” Journal for Corporate Renewal (October 2016); “Litigating Make–Whole Premiums in Bankruptcy,” New York Law Journal (September, 2014); “The Art of Spinning Off,” Transaction Advisors (August, 2014) and The M&A Lawyer (May, 2014); “Second Circuit Limits Availability Of Chapter 15,” Harvard Law School Bankruptcy Roundtable(April, 2014); “Court Rules that Due to Misrepresentations by Plaintiffs’ Firms, Garlock’s Settlement History Does Not Accurately Represent Its Actual Asbestos Liability,” Pratt’s Journal of Bankruptcy Law (February/March, 2014) and “Second Circuit Limits Availability of Chapter 15,” The American Bar Association International Law Section’s Secured Transactions & Insolvency Committee Newsletter (January, 2014).
Ms. Labovitz is a member of the Turnarounds & Workouts Association, the American Bankruptcy Institute, the International Women’s Insolvency & Restructuring Confederation, INSOL International and the Global Restructuring Review editorial board.
Ms. Labovitz joined the firm in 2011 from a leading international law firm, where she was a senior partner in the firm’s Restructuring Group. She received her J.D. magna cum laude from New York University School of Law in 1996 and her B.A. magna cum laude from Columbia College, Columbia University in 1992.
- Selected Debtor and Sponsor Representations
- David’s Bridal in its successful pre-packaged Chapter 11 reorganization in the U.S. Bankruptcy Court for the District of Delaware, under which David’s Bridal cut its debt by more than $400 million while preserving its business intact and ensuring that 80,000 pending customer orders and all trade claims would be satisfied without interruption.
- La Paloma Generating Company, a California-based power producer, in its $524 million Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware.
- Georgia-Pacific LLC and Koch Industries in connection with the Chapter 11 proceedings of Georgia-Pacific affiliate Bestwall LLC in the U.S. Bankruptcy Court for the Western District of North Carolina.
- Altegrity, a global, diversified risk and information services company, together with its operating businesses Kroll, HireRight and USIS, in their pre-negotiated Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware, in which they successfully restructured more than $1.8 billion in funded indebtedness.
- TPG Capital, as private equity sponsor, with respect to strategic alternatives for its investment in Isola, later terminated, including a pending out-of-court restructuring.
- Kelso & Company, the private equity sponsor of Logan’s Roadhouse Inc., in connection with Logan’s pre-arranged Chapter 11 proceedings and in a privately negotiated exchange offer to holders of Logan’s senior secured notes resulting in the issuance of over $220 million in new senior secured notes.
- Big Apple Circus, as pro bono client, with its Chapter 11 filing, which also included advising in the sale of the circus’ trademarks and other assets to an affiliate of merchant bank Compass Partners in time for the relaunch of the circus and many of its community programs in New York.
- Getty Images in multiple capital-raising initiatives to complement its existing debt structure and in exploring related balance sheet alternatives with respect to its approximately $2.3 billion in funded debt.
- Chemtura Corporation, one of the largest publicly traded specialty chemical companies in the United States with more than 4,400 employees worldwide and 2010 revenue of $2.8 billion, in its heavily-contested Chapter 11 reorganization in the Southern District of New York.
- TOUSA, a publicly traded homebuilder with substantial operations in Florida, the Mid-Atlantic, Texas and the West, and approximately 40 debtor and non-debtor affiliates in their Chapter 11 cases that restructured more than $2 billion in debt obligations, including obligations related to bank debt, senior and subordinated public bond debt, and complex land bank option and development contracts.
Allegheny Energy, a vertically integrated power generation and supply company, in the out-of-court restructuring and refinancing of more than $10 billion in bank, bond and other debt obligations.
- Solutia and its affiliates in their Chapter 11 cases that restructured more than $3 billion of funded debt and other obligations, involving complex environmental, pension, litigation and indemnification issues.
- MBIA, the parent company of insurer MBIA Corp., in matters associated with the restructuring of approximately $2 billion in parent-company obligations.
- Hudson Clean Energy Partners in the out-of-court restructuring of portfolio company Solopower.
- W.R. Grace & Co. and its affiliates in their Chapter 11 cases, in which section 524(g) of the Bankruptcy Code was used to address significant asbestos-related liabilities.
- FINOVA Group and its affiliates in their restructuring of approximately $11 billion of debt, in which a complex financing transaction with Berkshire Hathaway and Leucadia National Corporation resulted in a confirmed Chapter 11 plan less than six months after filing.
- FLAG Telecom Holdings Limited, a London-based worldwide telecommunications provider, in its U.S. and Bermuda insolvency proceedings, which restructured more than $3 billion of debt over a six-month period.
- PlusFunds Group, a hedge fund manager for the S&P hedge fund index, in PlusFunds’ currently pending Chapter 11 case in the Southern District of New York.
- American Pad & Paper Company, a Chapter 11 debtor that was one of the largest manufacturers and marketers of nationally branded and private-label paper-based office products in the North American office products industry.
- Primary Health Systems, an integrated health care services company, in its Chapter 11 debtor-in-possession financing.
- The Forgotten Woman, a national retailer of women’s clothing, in its Chapter 11 case in Delaware.
- Graham-Field Health Products and its affiliates, suppliers of medical and home health care products, in their Chapter 11 debtor-in-possession financing.
- Selected Creditor Representations
- Gramercy Funds Management, as debtor-in-possession lender and one of the largest shareholders and creditors of Banro Corporation, a Canadian mining company with operations in the Democratic Republic of Congo, which successfully restructured under CCAA proceedings in Canada.
- EIG Global Energy Partners, as sponsor, equity provider and DIP lender in the Chapter 11 proceedings of midstream O&G company Southcross Holding LP, in the U.S. Bankruptcy Court for the Southern District of Texas that reduced over $610 million of funded debt by nearly 80% and provided $170 million of new money investments to ensure the long-term viability of the debtors’ enterprise, including their publicly traded master-limited partnership left outside of the filing.
- Berkshire Hathaway as secondary insurer under special revenue water and sewer bond obligations of the City of Detroit totaling $800 million, in connection with Detroit’s Chapter 9 bankruptcy case.
- HarbourVest Partners, the largest co-investor in portfolio funds managed by Arcapita Bank B.S.C. and certain subsidiaries, in Arcapita’s complex cross-border insolvency cases in New York and the Cayman Islands. HarbourVest ultimately reached a consensual resolution related to the parties’ complex contractual co-investment arrangements and the appropriate Chapter 11 treatment and post-confirmation structure of the investment assets.
- Hudson Clean Energy Partners, in its capacity as largest creditor of Solopower Inc., in Solopower’s consensual restructuring.
- LG Electronics, in its capacity as largest unsecured creditor, in the consensual restructuring of Viking Range Corporation.
- Trustees of the UK Pension Plan for hibu, as U.S. counsel, in the consensual restructuring of hibu’s funded debt obligations in coordinated UK and U.S. insolvency proceedings.
- Al Tawfeek Investment Company / Al Baraka, the largest foreign creditor on Unsecured Creditors’ Committee of Singer N.V., in Chapter 11 cases in New York, including counseling client regarding significant cross-border insolvency issues.
HypoVereinsbank International in the restructuring of complex aircraft financing obligations in the Northwest Airlines Chapter 11 case.
- Selected Cross-Border Experience
- Petroleum Equity in its $133 million acquisition, through its investment vehicle Alpha Petroleum, of ATP Oil & Gas (UK) in the U.S. Chapter 11 cases of ATP’s U.S. parent and the follow-on successful CVA proceedings of ATP UK.
- OSX Leasing, a member of the EBX family of companies, in the multinational cross-border restructuring of more than $2 billion of funded debt.
- Belgian subsidiary of Solutia in a first-of-its-kind restructuring that used an obscure Belgian Companies Code provision to allow changes in maturity date, collateral package and interest rate for Solutia’s €200 million in Eurobonds, all out of court and with less than 100% bondholder approval.
- The Singer Company, and its unsecured Saudi and Turkish bank creditors in obtaining full recovery (including interest and expenses) on their unsecured debt, based on a legal theory combining Turkish law and Islamic sharia with established U.S. Chapter 11 principles.
- FLAG Telecom Holdings Limited in developing a restructuring strategy by which it completed a streamlined six-month reorganization of its worldwide operations (including in-court and out-of-court restructurings of affiliates headquartered in Taiwan, Saudi Arabia and throughout Europe) using insolvency proceedings in the United States and Bermuda.
- Sea Containers Limited and more than 100 debtor and non-debtor affiliates in their global restructuring that combined formal U.S. and Bermuda insolvency proceedings with numerous out-of-court asset sales, workouts and other restructuring activities for Sea Containers’ worldwide subsidiaries.
- Selected Distressed M&A Representations
- Standard General, as debtor-in-possession lender and successful stalking horse bidder, in the Chapter 11 case of RadioShack Corporation in the U.S. Bankruptcy Court for the District of Delaware.
- Standard General in its highly publicized distressed investment in clothing manufacturer and distributor American Apparel. Debevoise also represented Standard General in American Apparel’s pre-arranged Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware, and in its subsequent case filed in 2017.
- Primary Health Systems, an integrated health care services company, in its Chapter 11 debtor-in-possession financing.
- Crown Resorts, one of Australia’s largest gaming and resort operators, and Elan Holdings in the distressed acquisition of a controlling interest in a 34.6-acre site formerly occupied by the New Frontier casino on Las Vegas Boulevard.
- Morgan Stanley Capital Partners in its successful purchase of substantially all of the U.S. assets of Chapter 15 debtor A.B.C. Learning Centers Limited.
- Chemtura Corporation in the sale of its PVC Additives business in a multi-bidder auction process under section 363 of the Bankruptcy Code.
- TOUSA in structuring and implementing the sale of substantially all of its assets in multiple multi-bidder bankruptcy auction processes under section 363 of the Bankruptcy Code. American Pad & Paper Company in the auction sales of four operating divisions.
- American Pad & Paper Company in the auction sales of four operating divisions.
- New York University School of Law, 1996, J.D.
- Columbia University, 1992, B.A.
- New York
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