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Momentous decision in Momentive Performance Materials: cramdown of secured creditors – Part II

On August 26, 2014, Judge Drain concluded the confirmation hearing in Momentive Performance Materials and issued several bench rulings on cramdown interest rates, the availability of a make-whole premium, third party releases, and the extent of the subordination of senior subordinated noteholders.

USA, New York, Banking, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Title 11 of the US Code
Momentous decision in Momentive Performance Materials: cramdown of secured creditors – Part I

On August 26, 2014, Judge Drain, of the Bankruptcy Court for the Southern District of New York, concluded the confirmation hearing in Momentive Performance Materials and issued several bench rulings on cramdown interest rates, the availability of a make-whole premium, third party releases, and the extent of the subordination of senior subordinated noteholders. This four-part Bankruptcy Blog series will examine Judge Drain’s rulings in detail, with Part I of this series providing you with a primer on cramdown in the secured creditor context.

USA, New York, Banking, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Unsecured debt, Secured creditor, United States bankruptcy court
FDIC proposes orderly liquidation rules

Earlier today, the FDIC announced that the FDIC Board of Directors voted on Friday, October 8, 2010 to approve the issuance of a notice of proposed rulemaking (NPR) regarding the treatment of certain creditor claims under the FDIC’s new orderly liquidation authority established under Title II of the

USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Bond market, Letter of credit, Unsecured debt, Collateral (finance), Board of directors, Market liquidity, Liquidation, Holding company, Subsidiary, Subordinated debt, US Federal Government, Federal Deposit Insurance Corporation (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)