Momentive Performance Materials Inc, announced on Sunday that they filed Chapter 11 of the U.S. Bankruptcy Code in the US. Bankruptcy Court for the Southern District of New York. The company, headquartered in Waterford, N.Y., has a plant in Bens Run that is the second largest employer in Tyler County.
Momentive is a global leader in the development and manufacture of silicones and products derived from quarts and specialty ceramics. The filing includes a restructuring support agreement with its key stakeholders. The agreement includes a $600 million rights offering which looks to provide a significant equity infusion into the company.