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Momentive Performance Materials moves closer to Chapter 11 exit

10:19 AM MDT | August 28, 2014 | Vincent Valk

Silicones and quartz producer Momentive Performance Materials (MPM) says the US Bankruptcy Court for the Southern District of New York is likely to confirm the company’s reorganization plan once changes are made to the interest rate paid to bondholders. MPM expects to emerge from Chapter 11 bankruptcy protection “within the next few weeks,” the company says. MPM is owned by private equity firm Apollo Management (New York). Judge Robert Drain issued some rulings this week that were mostly in favor of MPM, although he did not formally approve the...

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