| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Momentive Performance Materials Inc. > News item |
Momentive 1½-lien noteholders want to change votes rejecting plan
By Kali Hays
New York, Aug. 29 – Voting 1½-lien noteholders are seeking permission to change their votes to accepting the proposed reorganization plan of Momentive Performance Materials Inc. from rejecting it, according to an Aug. 28 motion with the U.S. Bankruptcy Court for the Southern District of New York.
Specifically, the noteholders voting on behalf of themselves and managed investment accounts are Watershed Asset Management LLC; MacKay Shields LLC; Fidelity Management & Research Co.; Hotchkis and Wiley Capital Management, LLC; Lord, Abbett & Co., LLC; Hartford Investment Management Co.; and Phoenix Investment Adviser LLC.
“Upon closer examination of the benefits of the proposed plan and in light of the court’s advisement during the confirmation hearing, the 1½-lien noteholders believe acceptance of the plan represents their best possible opportunity to realize on their claims,” the motion stated.
Under the proposed plan, holders of 1½-lien note claims will receive a cash payment of their claims in the principal amount plus accrued interest through the effective date of the plan.
Counsel for the noteholders were denied a request that a hearing on the noteholders’ motion to change the votes be scheduled on Aug. 25, the same date a bench ruling on Momentive proposed plan was to be issued.
A hearing has been scheduled for Sept. 9.
As reported, the court indicated that it will confirm the company’s plan, but only after certain modification have been made and an amended version is submitted.
Momentive, a silicones and advanced materials company based in Albany, N.Y., filed for bankruptcy on April 13 in the U.S. Bankruptcy Court for the Southern District of New York. The Chapter 11 case number is 14-22503.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.