Momentive plan accepted by two voting classes, rejected by two others

By Caroline Salls

Pittsburgh, Aug. 5 – Momentive Performance Materials Inc.’s plan of reorganization was accepted by two voting creditor classes and rejected by two others, according to a ballot tabulation filed Aug. 5 with the U.S. Bankruptcy Court for the Southern District of New York.

All 122 holders of $1,263,396,796 of second-lien note claims and both holders of $882.38 million in holding company PIK note claims voted to accept the plan.

A total of 23 holders, or 11.44% in number, of $84.66 million, or 8.09% in amount, of first-lien note claims voted to accept the plan, while 178 holders, or 88.56% in number, of $961.71 million, or 91.91% in amount, of those claims voted to reject it.

In addition, a total of 17 holders, or 19.32% in number, of $42.58 million, or 19.88% in amount, of 1½-lien note claims voted to accept the plan, while 71 holders, or 80.68% in number, of $171.57 million, or 80.12% in amount, of those claims voted to reject it.

The plan confirmation hearing is scheduled to begin on Aug. 18.

Momentive, a silicones and advanced materials company based in Albany, N.Y., filed for bankruptcy on April 13. The Chapter 11 case number is 14-22503.

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