M. Natasha Labovitz Receives Turnaround of the Year Award
October 18, 2011
Natasha Labovitz, a partner in the Bankruptcy and Restructuring practice at Debevoise & Plimpton LLP, is a recipient of the Turnaround of the Year Award in the Mega Company category. The award is given annually by the Turnaround Management Association (TMA) to recognize professionals who help troubled businesses rebound through complex operational and financial restructurings. The “Mega Company” category refers to companies whose revenue at the onset of the turnaround was $1 billion or greater; only one such award is given each year.
The award recognizes Ms. Labovitz, together with co-counsel at Kirkland & Ellis LLP and co-advisors at Alvarez & Marsal and Lazard Ltd., for their work in the highly successful chapter 11 reorganization of Chemtura Corporation, one of the largest publicly traded specialty chemical companies in the U.S. According to TMA, this year's winners, "rescued businesses and saved jobs despite fickle credit markets in a sputtering economy." Ms. Labovitz joined Debevoise in September 2011 after five years with Kirkland & Ellis.
The Chemtura restructuring bolstered the company's cash position by renegotiating thousands of contracts, orchestrating favorable settlements of difficult tort and environmental issues that reduced billions of dollars of asserted litigation and remediation claims to a manageable amount, and recast operations to achieve better integration across services and corporate functions. Despite the credit crunch, the team secured debtor-in-possession financing at favorable terms that kept operations stable through bankruptcy and locked in $1 billion in exit financing months before Chemtura emerged from bankruptcy in 2010.
The Chicago-based Turnaround Management Association, www.turnaround.org, has more than 9,000 members in 48 regional chapters worldwide comprised of turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters and consultants.
Debevoise & Plimpton LLP is a leading international law firm with offices in New York, Washington, D.C., London, Paris, Frankfurt, Moscow, Hong Kong and Shanghai.