Solutia files consensual plan of reorganization & disclosure statement
16 Oct '07
2 min read
Solutia Inc, a leading manufacturer and provider of high-performance specialty materials and chemicals filed a consensual plan of reorganization that has the support of all major constituents in its Chapter 11 case.
The plan -- known as the fifth amended plan of reorganization -- was filed with the U.S. Bankruptcy Court for the Southern District of New York along with Solutia's fifth amended disclosure statement.
• Filing Reflects Agreement Announced Sept. 26, 2007 • Supported by All Major Constituents • Positions Solutia for Emergence
"This consensual plan of reorganization, which is supported by all of the major constituents in our case, will facilitate Solutia's emergence from Chapter 11 as a financially healthy company," said Jeffry N. Quinn, chairman, president and chief executive officer of Solutia Inc.
An Oct. 19, 2007 hearing has been set at which the court will be asked to approve the disclosure statement. Once approved, the disclosure statement will be sent to Solutia's creditors and equity interest holders to solicit approval of the plan.
The solicitation period will run for 30 days from the mailing of the solicitation materials. Following the solicitation period, the court will hold a hearing to confirm the plan, after which Solutia will emerge from Chapter 11.
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