Partner Matthew Feldman was named to Law360’s list of Bankruptcy MVPs, and profiled for his work securing court approval for Momentive Performance Materials Inc. to exit bankruptcy with $3 billion in reduced debt. Law360 noted the “hotly debated, blockbuster ruling” followed a four-hour bench ruling and “quickly became the talk of the bankruptcy bar.”
Mr. Feldman, who serves as Co-Chair of Willkie’s Business Reorganization and Restructuring Department and on the firm’s Executive Committee, led the team representing Momentive in its Chapter 11 case before New York Bankruptcy Judge Robert Drain. On Aug. 26, Judge Drain approved the company’s plan, including “cramdown” provisions affecting senior secured creditors, and rejected challenges from several creditor groups.
Mr. Feldman told Law360 the ruling could broadly affect how debtors and secured creditors negotiate cramdown provisions if the decision, which has been appealed, is affirmed. He has successfully defended Momentive in several post-confirmation challenges.
Read: Bankruptcy MVP: Willkie Farr’s Matthew Feldman