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Momentive Judge Sees No Enforceable ‘Make-Whole’ Claim

Momentive Performance Materials Inc. senior lenders don’t have a claim to a premium payment for the early redemption of their debt, a bankruptcy judge said as he delivered his ruling on the chemical company’s reorganization plan.

“It’s clear to me that absent specificity, which is lacking here,” the lenders had no enforceable claim to the so-called make-whole premium, U.S. Bankruptcy Judge Robert Drain said today in White Plains, New York.