Apollo’s Momentive Performance Materials Files For Bankruptcy With Exit Financing

Momentive Performance Materials Inc., a maker of coatings and resins found in shampoos and auto parts, filed for bankruptcy after struggling to make payments on debt dating to its 2006 buyout by Leon Black’s Apollo Global Management LLC (In re Momentive Performance Materials Inc., Bankr. S.D.N.Y., No. 14-22509).

The chemical producer listed $2.69 billion in assets and $4.17 billion in debt in its Chapter 11 filing April 13 in U.S. Bankruptcy Court in White Plains, New York. Momentive hasn’t posted an annual profit since Apollo bought it for $3.8 billion, according to data compiled by Bloomberg. Momentive said ...