Last month, Momentive Performance Materials Inc. reached an agreement with certain key stakeholders on the terms of a balance sheet restructuring plan. To implement the plan, MPM filed to reorganize under Chapter 11 of the U.S. Bankruptcy code.
On May 23, the U.S. Bankruptcy Court for the Southern District of New York granted MPM final authorization to access the full amount of its $570 million in committed debtor-in-possession (DIP) financing, according to a press release.
“With the Court’s final approval of our $570 million DIP financing, MPM now has access to $140 million of additional liquidity to supplement cash from operations as needed,” says Craig O. Morrison, Chairman, president and CEO of MPM. “Together, these resources provide MPM with the financial flexibility to continue operating its business in the normal course as it completes its balance sheet restructuring.
Throughout this important process we remain fully committed to providing our customers with the high quality products and services they expect from MPM, and deeply value their ongoing partnership and support.”