Bloomberg reported senior lenders to Momentive Performance Materials filed a lawsuit in New York state court accusing junior lenders of violating an intercreditor agreement.
Bloomberg reported that Apollo Global Management’s Momentive Performance Materials is bracing itself for a disputed bankruptcy exit plan.
Reuters reported that a bankruptcy court judge approved a $570 million financing package to get Momentive Performance Materials through bankruptcy.
Apollo’s Momentive Performance Materials sued Bank of New York Mellon Trust and Wilmington Trust as trustees over whether it needed to make special payments on $1.3 billion of notes, Bloomberg reported.
Bloomberg reported Momentive Performance Materials filed for bankruptcy. The company was said to have a $570 million commitment in DIP financing led by JP Morgan Securities as lead arranger.