Momentive Bankruptcy Plan to Be Approved With Changes

Apollo Global Management LLC’s Momentive Performance Materials Inc. won conditional court approval of its bankruptcy reorganization plan after days of wrangling with holdout creditors.

The four-hour ruling by U.S. Bankruptcy Judge Robert Drain yesterday in White Plains, New York, is a victory for Leon Black’s Apollo, which took over the Waterford, New York-based chemical company for $3.8 billion in 2006. Drain said he was prepared to approve the plan if Momentive Performance boosted the interest being offered on notes in the reorganized company.