Natasha M. Songonuga

Natasha focuses on business reorganization and restructuring matters, working across the full spectrum of Chapter 11 cases and counseling creditors in assignments for the benefit of creditors state court insolvency proceedings. Her clients include debtors and creditors, Chapter 11 and Chapter 7 trustees appointed under the Bankruptcy Code, landlords, bidders at bankruptcy sales, and trustees appointed pursuant to the Securities Investor Protection Act.

Recognized for her deep background in complex bankruptcy matters and corporate restructuring, Natasha is a Subchapter V Trustee appointed in Delaware under the Small Business Reorganization Act of 2019 (SBRA). She successfully shepherded the first confirmed Subchapter V Chapter 11 plan of reorganization in Delaware. Natasha works with Subchapter V debtors and their creditors facilitating the development of a consensual Chapter 11 reorganization plan, appearing at major hearings, and ensuring that timely plan payments are made.

Natasha’s extensive practice includes debtor/trustee representation, with her focus on financially troubled corporate entities and trustees in both Chapter 11 and Chapter 7 bankruptcy cases. She also represents secured and unsecured creditors in large bankruptcy cases. In addition, Natasha has substantial experience in bankruptcy and insolvency-related litigation, including prosecution and defense of preferential and fraudulent transfer avoidance actions and fiduciary duty claims, preparation of discovery requests and responses, disputes involving the assumption and rejection of leases and contracts, and assistance in depositions. She also has experience defending avoidance action defendants in state court assignments for the benefit of creditors proceedings.

Natasha has adeptly represented fraudulent transfer and preference defendants and handled complex disputes such as representing a fuel distributor in a breach of supply contract dispute with a commodity broker. Additionally, she has represented asset purchasers in disputes concerning the use of Net Operating Losses (NOLs) arising out of the sale of aircraft leasing businesses. One of Natasha's significant achievements includes her role as part of the Gibbons team that served as co-counsel to the Official Committee of Unsecured Creditors in the Trump Entertainment Resorts, Inc. Chapter 11 cases. These cases were filed in the U.S. Bankruptcy Court for the District of Delaware on September 9, 2014. Gibbons pursued value-maximizing strategies for the benefit of unsecured creditors, who had been offered no distribution under the initial reorganization plan. This involved conducting a thorough investigation of the secured lenders’ liens, claims, and pre-petition conduct, as well as seeking standing to litigate against said lenders on behalf of the debtors' estates. This effort culminated in a successful global settlement, resulting in a $3.5 million cash settlement for general unsecured creditors. Furthermore, Natasha led a team of lawyers in commencing over 150 preference litigation actions in the Delaware Bankruptcy Court on behalf of the trustee appointed in the bankruptcy case of NSC Wholesale Holdings, LLC, seeking to recover millions in alleged preferential and fraudulent transfers.

Natasha also handles a wide range of other matters, including managing the claims objection and reconciliation process for thousands of claims; drafting, negotiating, and objecting to plans of reorganization and liquidation; section 363 sales; stay relief motions; and handling related litigation.

When working with a company facing financial distress, Natasha turns a bankruptcy or restructuring into an opportunity helping her clients craft the right approach to achieve their goals, whether through strategic negotiations or aggressive litigation. She works with her clients to evaluate the best possible outcome and the steps they can take together to get there. Clients appreciate her collaborative approach and practical, forward-thinking advice and her ability to simplify the difficult decisions they often need to make.

Natasha has a solid reputation as an industry leader, holding positions such as Fellow of the American Bar Foundation. She has consistently been ranked by Chambers USA in the top tiers for bankruptcy and restructuring lawyers, and is a frequent author and speaker on topics related to bankruptcy.

Earlier in her career, Natasha served as a legal intern to the Honorable Aida Waserstein, Family Court in Wilmington Delaware. She also was a legal intern for the Covenant House New Jersey Advocacy Center in Newark, New Jersey.