The court of appeals reviewed a Chapter 11 bankruptcy plan proposed by MPM Silicones, LLC. The plan was remanded for further proceedings because the bankruptcy court used a formula approach instead of a market rate approach to determine the interest rate for senior-lien notes. The court affirmed the district court's judgment regarding the priority of notes and the lack of entitlement to a make-whole premium for senior-lien note holders, but reversed the method of calculating the interest rate and remanded the case.
documents/vol00010-efta01358954-pdf.pdf
{"title":"U.S. Bank N.A. v. Wilmington Say. Fund Soc'y (In re MPM Silicones, LLC)","key_people":["Judge Bricetti","Judge Drain"],"document_date":"2017","document_type":"legal","key_locations":["Southern District of New York"],"document_subtype":"court opinion","key_organizations":["U.S. Bank N.A.","Wilmington Savings Fund Society","MPM Silicones, LLC"],"reference_numbers":["874 F.3d 787","2017 U.S. App. LEXIS 20596"]}