Momentive expects Chapter 11 plan to take effect in fourth quarter

By Caroline Salls

Pittsburgh, Oct. 2 – Momentive Performance Materials Inc.’s plan of reorganization is expected to take effect in the fourth quarter, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the plan was confirmed on Sept. 11.

The company said it expects to object to or resolve all disputed claims within 180 days of the plan effective date.

In addition, Momentive said three disputes related to the confirmation order and adversary proceedings are currently on appeal, and the appeal process for each may take six months or more.

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

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