Bankruptcy Judge Robert Drain ruled yesterday that senior bondholders of bankrupt Momentive Performance Materials cannot change their votes to accept the quartz and silicone maker's proposed restructuring, Reuters reported yesterday. Knocking down what he viewed as an effort to avoid a less desirable payout, Judge Drain denied the bondholders' request to switch their votes. Waterford, N.Y.-based Momentive, owned by Apollo Global Management, filed for protection under chapter 11 protection in April with a contentious proposal to cut $3 billion in debt and transfer control to a class of junior bondholders that also included Apollo. The offer by senior bondholders to change their votes met with resistance from Momentive, which viewed the shift as an effort to avoid repayment in the form of a long-term note, rather than cash.
