Momentive Performance Materials Inc. amended its restructuring plan to comply with a bankruptcy judge's requirement that the silicone and quartz producer pay its top-ranking bondholders a slightly higher interest rate, Dow Jones Daily Bankruptcy Review reported today. With the updated plan, filed on Wednesday in bankruptcy court, Momentive took what is likely to be the final step in securing Judge Robert Drain’s signature on its proposal to slash more than $3 billion from its balance sheet. Under the revised plan, first-lien bondholders will receive an added 0.5 percentage points for a total interest rate of about 4.1 percent.
