Daily News: July 18, 2014

Momentive’s Senior Lenders Sue Juniors Over Payment Plans

Bloomberg senior lenders to Momentive Performance Materials, a bankrupt maker of silicones and quartz products owned by Leon Black’s Apollo Global Management, filed a lawsuit in New York state court accusing junior lenders of violating an intercreditor agreement.

According to Bloomberg , Wilmington Trust, as trustee for 10% notes due in 2020, sued JPMorgan Chase Bank, GSO Capital Partners and other holders of second lien notes in Manhattan, saying they interfered with its rights as a more senior lender.

To read the entire Bloomberg article, click here.

Previously on abfjournal: Momentive Braces for Bankruptcy Plan Dispute, June 9, 2014