Momentive Performance Materials Objection Filed


U.S. Bank National Association, as indenture trustee, filed with the U.S. Bankruptcy Court an objection to the proposed order (i) confirming Momentive Performance Materials’ Joint Chapter 11 Plan of Reorganization and (ii) adjudicating certain adversary proceedings. The objection explains, “The Proposed Order impermissibly – and without any due process – seeks to disallow U.S. Bank’s claims for fees and expenses to be incurred after the Effective Date. The Debtors have articulated no legal basis to do so and none exists….Moreover, the Proposed Order seeks this categorical disallowance after the Debtors represented to the Court that all parties had agreed that the claim would not be subordinated, with parties reserving rights as to allowance. The Proposed Order is also objectionable because it contains a provision that purports to limit the relief that U.S. Bank may obtain on appeal of judgments of this Court.”

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