Apollo’s Momentive Performance Materials Wins Court Approval of Bankruptcy Plan

Apollo Global Management LLC’s Momentive Performance Materials Inc. won court approval of its bankruptcy plan that cuts debt to less than $1.3 billion from $4 billion (In re MPM Silicones LLC, Bankr. S.D.N.Y., No. 14-22503, plan confirmed).

U.S. Bankruptcy Judge Robert Drain in White Plains, New York, signed the confirmation order Sept. 11. Drain had said he would approve the plan if the chemical company boosted the interest rate on notes in the reorganized company. Bonds were trading at record volumes after he gave his conditional approval Aug. 26.

The plan was negotiated by Momentive Performance, Apollo and ...