Momentive Ruling Part 4: Clarifying Make-Wholes

Law360, New York (September 19, 2014, 1:14 PM EDT) -- This is the last article in a four-part series analyzing Judge Robert Drain's widely read bench ruling issued on Aug. 26, 2014, in connection with the confirmation hearing of Momentive Performance Materials and its affiliated debtors. In Part 1 and Part 2, we discussed Judge Drain's conclusions regarding the appropriate calculation of cramdown interest rates for secured creditors. In Part 3, we turned to his analysis of certain subordination provisions found in the indentures governing the debtors' senior subordinated notes. Today, in Part 4, we discuss Judge Drain's rulings regarding the parties' make-whole and third-party release disputes....

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