Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Bonds

Momentive Performance Materials Plan Filed

Momentive Performance Materials filed with the U.S. Bankruptcy Court an Amended Joint Chapter 11 Plan of Reorganization. A related Disclosure Statement was not filed as a result of the June 23, 2014 Court order approving the Disclosure Statement. According to the Plan, "On the Effective Date, or as soon thereafter as reasonably practicable, each holder of an Allowed Second Lien Note Claim shall receive, in full satisfaction, settlement, release, and discharge of, and in exchange for, such Claim its Pro Rata Share of: the Second Lien Notes Equity Distribution; and the Subscription Rights; Each Allowed General Unsecured Claim shall, at the discretion of the Reorganized Debtors, and to the extent that such Allowed General Unsecured Claim was not previously paid pursuant to an order of the Bankruptcy Court, be: (i) Reinstated as of the Effective Date as an obligation of the applicable Reorganized Debtor, holders of Senior Subordinated Note Claims shall not receive any Plan Distributions on account of such Claims and any Plan Distribution to which they would have otherwise been entitled on account of such Claims, On the Effective Date, or as soon thereafter as reasonably practicable, each holder of an Allowed Holdings PIK Note Claim shall receive, subject to the terms of the Plan and in full satisfaction, settlement, release, and discharge of, and in exchange for, such Claim its Pro Rata Share of $8.938 million, Existing Securities Law Claims and Existing Interests f shall not receive or retain any distribution under the Plan."

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