Waterford, New York -- Momentive Performance Materials (MPM) emerged from Chapter 11 bankruptcy this week.
MPM emerged with a healthy balance sheet, liquidity in the region of $360m and a free cash flow profile that will allow investment, according to the company.
As part of its plan, MPM eliminated $3bn in debt, leaving it with a pro forma net debt of approximately $1.2bn, according to its press release.
Interim ceo and president Jack Boss said it marked a "new era" for the company.
“MPM is moving forward with the financial flexibility and cash flow necessary to continue to drive innovation across its specialty portfolio and provide value-added and differentiated products and services.”
Throughout the bankruptcy case, Momentive continued normal operations and has provided for a 100% recovery to trade creditors plus $600m in new equity infusion.
UTECH-polyurethane.com reported on the company's progress in its emergence from bankruptcy in August.
You can access our previous report here.