After almost breaching its loan covenants in 2009, Momentive Performance Materials, backed by its monetary sponsor Apollo Global Management, took a range of actions to reorganize its financial obligation. The restructuring actions consisted of a free market repurchase of openly held notes; a notes exchange; a loan-covenant waiver; and, lastly, an attempted loan change that looked for to extend the maturity of the loan utilized to fund the Momentive buyout.
Momentive Performance Materials, Inc. Case Study Solution
The case lead character is a fund financial investment supervisor at a big hedge fund that holds 3 percent of Momentive's syndicated loan. The case serves as a car for talking about institutional and legal distinctions in between public financial obligation and syndicated loans, and obstacles in the restructuring of such financial obligation.
PUBLICATION DATE: June 02, 2010 PRODUCT #: 210081-PDF-ENG
This is just an excerpt. This case is about FINANCE & ACCOUNTING
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