Debevoise Advises Newport in Fund Recapitalization

8 January 2016

Debevoise & Plimpton LLP represented Newport Global Advisors LP (“Newport”) in connection with a fund recapitalization transaction for Newport Global Opportunities Fund LP (“NGOF”). The transaction involved the establishment of a newly formed fund sponsored by Newport (the “New Fund”) in which investment funds managed by Morgan Stanley, LGT Capital Partners and certain additional investors participated. The New Fund acquired substantially all of NGOF’s existing investment portfolio. Newport will continue to manage those investments through the New Fund.

The transaction received over 90% support from NGOF’s limited partners. NGOF’s existing investors received the opportunity to elect to either liquidate a significant portion of their investment in NGOF or roll over their indirect participation in the investments into the New Fund. Terms of the transaction were not publicly disclosed.

Newport is a private equity investment firm founded in 2005 and led by Timothy T. Janszen and Ryan L. Langdon, with a focus on distressed and distressed credit-for-control investments.

The Debevoise team was led by partners Andrew M. Ahern and Jonathan E. Levitsky, and included counsel and Rafael Kariyev and associates John W. Rife III, Alisa A. Waxman, Adam Hankiss, Molly F. Stockley, Adam M. Namm, Tarik A. Elhussein, Alvyda Usinskaite, Jessica A. O’Connell and Alison E. Buckley-Serfass.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.