Bankruptcy Judge Approves Momentive Finance Package
Reuters reported that a bankruptcy court judge approved a $570 million financing package to get Momentive Performance Materials through bankruptcy, over the objections of unsecured creditors who say the deal will threaten their recoveries.
Momentive filed for Chapter 11 protection in April with a prearranged restructuring that had the support of key stakeholders, Reuters said.
According to the article, the plan, which still needs court approval, includes a $600 million rights offering and $1.3 billion in exit loans from JPMorgan Chase.
To read the entire Reuters article, click here.
Previously on abfjournal: Bloomberg: Momentive Sues Trustees Over Interest Payments, May 13, 2014