Waterford, N.Y.-based silicone manufacturer Momentive Performance Materials Inc. (MPM) announced that it has emerged from Chapter 11 and completed its restructuring plan.

According to court documents, the U.S. Bankruptcy Court for the Southern District of New York entered an order on September 11 confirming the “Joint Chapter 11 Plan of Reorganizing for Momentive Performance Materials Inc. and Its Affiliated Debtors, dated September 3, 2014.”

The effective date of the plan, according to a notice issued by the court, was October 24 at 4 p.m.

With a healthy balance sheet, the company claims it has liquidity of approximately $360 million and a “free cash flow profile that will allow MPM to invest in its leading technology portfolio and global operations.”

MPM filed for Chapter 11 bankruptcy on April 13, 2014. According to court documents, estimated assets and liabilities were both listed at more than $1 billion. The 50 largest unsecured creditors listed included GE Capital Equity Investments, The Bank of New York Mellon, Nippon Kasei Chemicals Co. Ltd., BASF Corp. and Praxair Inc.

“We appreciate the support of our lenders throughout this transformational process and would like to thank our valued customers, suppliers and employees for their steadfast commitment to MPM,” says Jack Boss, MPM’s interim chief executive officer and president. “We believe we are well positioned for future success and excited by the opportunities afforded to us by our new capital structure.”

Post-emergence, MPM says it will have an independent senior management team and board of directors from Momentive Specialty Chemicals Inc. (MSC). According to the company, the shared services agreement between MPM and MSC will remain in place.