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Web Date: April 17, 2014

Momentive Performance Materials Files For Bankruptcy

Industry: Silicones maker is faced with large debt it can’t repay
Department: Business
Keywords: bankruptcy, silicones, debt

Facing millions of dollars in debt payments it cannot continue to make, silicones maker Momentive Performance Materials has filed for reorganization in U.S. Bankruptcy Court in White Plains, N.Y.

Creditors have already agreed on a reorganization plan that, according to CEO Craig Morrison, “will eliminate more than $3 billion of debt from Momentive’s balance sheet.” Momentive, which had a net loss of $464 million on sales of $2.4 billion in 2013, expects to . . .

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