Momentive, Bondholders Spar Over Interest Rate At Trial's End

Law360 (September 4, 2018, 10:47 PM EDT) -- Bankrupt silicone maker Momentive Performance Materials and two creditor groups on Tuesday finished their arguments in a New York bankruptcy court in a trial over whether there was a market for the cramdown notes the company issued in 2014.

The parties gave their final arguments to U.S. Bankruptcy Judge Robert Drain over how he should determine if an “efficient market” existed for the purpose of determining the interest rates for the replacement notes the company issued senior bondholders who rejected its Chapter 11 plan, with both sides accusing the other of ignoring key parts of the definition.

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