Tuesday in White Plains, N.Y., Momentive Performance Materials Inc.’s first-lien lenders will ask a bankruptcy judge if they can vote “yes” to the company’s restructuring plan even though they already voted no.
Changing the vote to yes would pay those bondholders in full, in cash, the nearly $1.5 billion they are owed. Previously, more than 80% of them voted to reject the plan, as part of an argument to collect so-called make-whole payments, or premiums they felt Momentum owed them for refinancing their bonds.
[more]
