Apollo’s Momentive Performance Files for Bankruptcy
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Momentive Performance Materials Inc., a maker of silicones and quartz products, filed for bankruptcy after struggling to make payments on debt dating to its 2006 buyout by Leon Black’s Apollo Global Management LLC.
The company listed $2.69 billion in assets and $4.17 billion in debt in its Chapter 11 filing yesterday in U.S. Bankruptcy Court in White Plains, New York. Momentive hasn’t posted an annual profit since Apollo bought it for $3.8 billion, according to data compiled by Bloomberg. Momentive said in a statement it secured $1.3 billion in exit financing.