In re MPM Silicones: SDNY Bankruptcy Court Denies Make-whole Claim and Approves Cramdown of Secured Creditors with Below-market Replacement Notes | Practical Law
In In re MPM Silicones, LLC, the US Bankruptcy Court for the Southern District of New York denied payment of a make-whole claim upon the automatic acceleration of debt caused by the debtors' bankruptcy filing and allowed secured creditors to be crammed down with replacement notes paying below-market interest rates.