Momentive Performance considering Chapter 11 bankruptcy
(Reuters) - Momentive Performance Materials Inc said on Tuesday it may file for Chapter 11 bankruptcy and is in talks with stakeholders to restructure the debt of the silicone and quartz producer.
As of September 30, the company had total liabilities of $4.14 billion, it had said in a filing with the U.S. Securities and Exchanges Commission on November 13.
The unit of Apollo Global Management LLC (APO.N) said on Tuesday it was unable to file its annual report for the period ended December 31, on March 31. (link.reuters.com/ryj28v)
In the filing, Momentive said Chapter 11 may be the most expeditious way to reorganize the company.
Momentive said it was "in active discussions with various stakeholders regarding alternatives to modify its capital structure and reduce the company's leverage."
Momentive was not immediately available for comment.
(Corrects filling date in second paragraph to November 13 from Tuesday)
(Reporting by Shubhankar Chakravorty in Bangalore; Editing by Richard Chang)