Hexion Approved to Exit Bankruptcy as Apollo Ends Ownership

Creditors agreed to cancel debt in exchange for control of the specialty chemical maker as Apollo Global Management gives up its ownership after about 14 years.

• The reorganization slashes about $2 billion of its $3.5 billion in debt, company attorney Andrew Parlen said in court
• “The plan is clean, the plan is comprehensive and the plan is final,” Parlen said
• When Hexion exits bankruptcy in about a week, senior lenders owed about $2.4 billion will collect $1.45 billion in cash, according to court documents
• The company filed bankruptcy April 1 after six weeks of tough negotiations, Parlen told U.S. Bankruptcy ...