Solutia receives court approval of disclosure statement
22 Oct '07
1 min read
Solutia Inc a leading manufacturer and provider of high-performance specialty materials and chemicals, received approval of its disclosure statement from the U.S. Bankruptcy Court for the Southern District of New York. In hearing the judge also set Nov. 29 as the date of Solutia's confirmation hearing.
"With the disclosure statement approved, a fully consensual plan of reorganization in hand, and the confirmation hearing scheduled, we now have a clear path to emergence from Chapter 11," said Jeffry N. Quinn, chairman, president and chief executive officer of Solutia Inc.
Solutia will soon proceed with the mailing of the solicitation materials to creditors and equity security holders. The court will hold a Nov. 29 hearing to confirm the plan, after which Solutia will emerge from Chapter 11.
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