Noerr advises European Subholding of the silicone manufacturer, Momentive Performance Materials Group in the US parent’s Chapter 11 proceedings
The law firm Noerr advised the Leverkusen-based company Momentive Performance Material GmbH, subsidiary of the US chemicals group Momentive Performance Materials and holding company of the European group companies in the US parent’s successfully concluded Chapter 11 proceedings. Lead advisor was the restructuring partner, Dr Thomas Hoffmann.
Momentive is one of the world’s largest manufacturers of silicone and silicone derivatives and a leading manufacturer of specialty ceramics with eight sites in Germany. Momentive reached an agreement with major creditors in April over financial reorganization measures for the corporation as part of Chapter 11 proceedings. The competent court in New York has now confirmed the restructuring plan and dismissed objections from noteholders.
Noerr is one of the leading firms in the area of restructuring and reorganization as well as distressed M&A. The firm recently oversaw the successful restructuring of, among others, the A.T.U. Group, the footwear chain Görtz, and centrotherm photovoltaics AG, plus in the area of distressed M&A, the acquisition of parts of the Oetinger Group, the fashion label Olsen and the Wilbert Group. Most recently, Noerr oversaw the restructuring of the 3W Power bond, advising Close Brothers and the bondholders through Team Treuhand GmbH, a Noerr Group company.
Legal counsel to Momentive Performance Materials LLC: Paul Weiss Rifkind LLP, New York
Legal counsel to Momentive Performance Materials GmbH: Noerr LLP
Dr Thomas Hoffmann (lead, Frankfurt),
Associate: Dr Cornelia Pinkert (Insolvency, London), Maren Prigge (Corporate, Frankfurt)