MATTER OF MPM SILICONES, L.L.C.

Nos. 15-1682 (L) 15-1824 (CON) No. 15-1771 August Term, 2016.

874 F.3d 787 (2017)

In the MATTER OF: MPM SILICONES, L.L.C. Momentive Performance Materials Incorporated, Apollo Global Management, LLC, Ad Hoc Committee of Second Lien Holders, Plaintiffs-Appellees, v. BOKF, NA, as First Lien Trustee, Wilmington Trust, N.A., as 1.5 Lien Trustee, Defendants-Appellants. U.S. Bank National Association, as Indenture Trustee, Plaintiff-Appellant, v. Wilmington Savings Fund Society, FSB, as Successor Indenture Trustee, Momentive Performance Materials Incorporated, Ad Hoc Committee of Second Lien Noteholders, Apollo Management, LLC, and Certain of its Affiliated Funds, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: October 20, 2017.


Attorney(s) appearing for the Case

DOUGLAS HALLWARD-DRIEMEIER , Ropes & Gray LLP, Washington D.C.; MARK R. SOMERSTEIN , MARK I. BANE , Ropes & Gray, New York, NY, for Wilmington Trust, National Association as Indenture Trustee for the 1.5 Lien Notes. DANIELLE SPINELLI , JOEL MILLAR , Wilmer Cutler Pickering Hale and Dorr LLP, Washington, D.C.; PHILIP D. ANKER , ALAN E. SCHOENFELD , Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY; MICHAEL J. SAGE , BRAIN E. GREER , Dechert LLP, New York, NY, G. ERIC BRUNSTAD, JR. , Dechert LLP, Hartford, CT, for BOKF, NA as First Lien Trustee.

SUSHEEL KIRPALANI , Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY; ROY T. ENGLERT, JR. , MARK T. STANCIL , ALAN E. UNTEREINER , MATTHEW M. MADDEN , Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP, Washington, D.C., for U.S. Bank National Association, as Indenture Trustee.

IRA S. DIZENGOFF , ABID QURESHI , BRIAN T. CARNEY , Akin Gump Strauss Hauer & Feld LLP, New York, NY; PRATIK A. SHAH , JAMES E. TYSSE , Z.W. JULIUS CHEN , Akin Gump Strauss Hauer & Feld LLP, Washington, D.C., for Momentive Performance Materials Inc. and Apollo Management, LLC, and certain of its affiliated funds.

JOSEPH T. BAIO , JAMES C. DUGAN , Willkie Farr & Gallagher LLP, New York, NY, for Momentive Performance Materials Inc.

DENNIS F. DUNNE , MICHAEL L. HIRSCHFELD , Milbank, Tweed, Hadley & McCloy LLP, New York, NY, for Ad Hoc Committee of Second Lien Noteholders.

SETH H. LIEBERMAN , PATRICK SIBLEY , Pryor Cashman LLP, New York, NY, for Wilmington Savings Fund Society, FSB, as Successor Indenture Trustee.

RONALD J. MANN , Columbia Law School, New York, NY, for Amici Curiae Loan Syndications and Trading Association, the Managed Funds Association, and the Securities Industry and Financial Markets Association.

Before: Cabranes, Pooler, and Parker, Circuit Judges.


Three groups of creditors separately appeal a judgment of the United States District Court of the Southern District of New York (Briccetti, J.) affirming the confirmation of Debtors' Chapter 11 reorganization plan by the U.S. Bankruptcy Court (Drain, J.

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