Momentive Performance Materials Inc., a maker of silicones and quartz products, filed for bankruptcy after struggling to make payments on debt dating to its 2006 buyout by Leon Black’s Apollo Global Management LLC.
Midland Loan Services Inc., the special servicer for $825 million in fixed-rate mortgages on property of Innkeepers USA Trust , filed papers on Feb. 1 objecting to the request by LNR Securities Holdings LLC and Appaloosa Management LP for the right to oppose the newly proposed Innkeepers reorganization structure.
Discount retailer Loehmann’s Inc. , unable to complete an exchange offer in October, filed a Chapter 11 petition today in New York with agreement on a plan to swap $110 million in secured notes for the new equity.
Innkeepers USA Trust didn’t properly carry out its duties to creditors, U.S. Bankruptcy Judge Shelley C. Chapman ruled last week. Chapman refused to approve an agreement that would have compelled Innkeepers, a real estate investment trust, to pursue a reorganization plan giving the stock to a subsidiary of Lehman Brothers Holdings Inc.
Cerberus Capital Management LP reached a tentative settlement with Innkeepers USA Trust over claims that it breached an agreement to buy the hotel company, according to two people with knowledge of the discussions.
Cerberus Capital Management LP, the New York-based private-equity firm, and hotelier Innkeepers USA Trust may announce a settlement of their $1.12 billion lawsuit as early as today, said a person familiar with the discussions who declined to be identified because the talks are private.
Verizon Communications Inc. was sued this week by the creditors’ representative of former unit Idearc Inc. in a complaint alleging that the 2006 spinoff was a fraudulent transfer designed to generate $9.5 billion for the second-largest phone company in the U.S.