Bloomberg: Momentive Performance Lenders Hire Dechert for Restructuring
Bloomberg reported a group of secured debt holders in Momentive Performance Materials hired Dechert for restructuring advice as Standard & Poor’s warns it may seek bankruptcy protection.
According to statement from Dechert distributed by PR Newswire, some lenders who hold “a substantial portion” of Momentive Performance’s $1.1 billion of 8.875%, first-lien notes due in October 2020 retained the law firm.
Momentive Performance will run out of money in September if operations don’t improve or it doesn’t obtain additional financing, according to data compiled by Bloomberg .
To read the entire Bloomberg article, click here.
Previously on abfjournal: JPMorgan Chase Led Group Commits $400MM ABL to Momentive, January 18, 2013