Momentive Cramdown Ruling Breathes Life into Lender Playbook
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Momentive Cramdown Ruling Breathes Life into Lender Playbook
By Paul Shalhoub, Partner & Andrew Mordkoff, Associate, Willkie Farr & Gallagher LLP
On April 19, 2019, Bankruptcy Judge Robert D. Drain of the Southern District of New York announced his much-anticipated ruling determining the appropriate rate of interest on the replacement notes issued under Momentive’s Chapter 11 plan. The ruling culminated a cramdown contest that had weaved...
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Andrew Mordkoff is a partner in the Business Reorganization & Restructuring Department of Willkie Farr and Gallagher LLP. He represents debtors, creditors, sponsors, and investors in large, complex Chapter 11 cases and out-of-court restructurings. He has been involved in numerous complex deals, including Momentive’s landmark Chapter 11 cases; Core Media in the “American Idol” owner’s complex cross-border filing; and Aegerion Pharmaceuticals in its reorganization. Mordkoff is also a member of the New York City Bar Association’s Bankruptcy & Corporate Reorganization Committee.
Paul V. Shalhoub is a partner in the New York office of Willkie Farr and Gallagher LLP’s Business Reorganization & Restructuring Department. He focuses on bankruptcy and corporate restructuring transactions, acquisitions and sales of distressed companies, debtor-in-possession financing, and related matters. Shalhoub also regularly assists creditors, advisers, and other parties involved in judicial and nonjudicial restructurings. Willkie served as counsel for Momentive Performance Materials Inc. in its Chapter 11 proceedings and as lead counsel in Momentive’s cramdown dispute at the Bankruptcy Court and District Court levels.
