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Business
Bankruptcy End Near For Momentive
by Marc S. Reisch
September 8, 2014
| A version of this story appeared in
Volume 92, Issue 36
Momentive Performance Materials says it expects to emerge from bankruptcy court supervision in the next few weeks. The firm, the former General Electric silicones business, filed for reorganization in April, unable to keep up payments on debt acquired when the private equity firm Apollo Global Management bought it in 2006. The firm’s reorganization plan calls for an equity infusion of $600 million through a stock offering and payment in full to all creditors. The firm also expects $3 billion in debt to be wiped from its balance sheet, leaving it with net debt of $1.2 billion.
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