Apollo Global Management LLC’s Momentive Performance Materials Inc. won conditional court approval for its bankruptcy reorganization plan after days of wrangling with holdout creditors, Bloomberg reported today. The ruling by Hon. Robert Drain yesterday is a victory for Leon Black’s Apollo, which took over the Waterford, N.Y.-based chemical company for $3.8 billion in 2006. Judge Drain said that he was prepared to approve the plan if Momentive boosted the interest being offered on notes in the reorganized company. Momentive listed $2.69 billion in assets and $4.17 billion in debt in its chapter 11 filing in April. The case is In re Momentive Performance Materials Inc., 14-bk-22503, U.S. Bankruptcy Court, Southern District of New York (White Plains).
