Solutia Settles Financing Lawsuit; Will Exit Chapter 11 This Week

Solutia says it has settled the lawsuit filed against lenders and the company plans to emerge from Chapter 11 bankruptcy protection on February 28. The lenders, including affiliates of Citigroup, Goldman Sachs, and Deutsche Bank, said last month that deteriorating credit market conditions had made it impossible for them to meet the financing commitment. Solutia sued the lenders late last month and settled less than a week after the trial began on February 21. The banks have agreed to drop the “material adverse change” provision contained in the...

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