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Court Approves Solutia’s Bankruptcy Plan

3:04 PM MST | November 29, 2007 | Michelle Bryner

Solutia says a federal court has approved its reorganization plan, paving the way for the company to emerge from bankruptcy by early next year. Solutia filed for Chapter 11 bankruptcy protection in 2003, saying it could no longer manage the legal liabilities it assumed in the spin-off from its former parent Monsanto, including pension payments and environmental litigation costs. The reorganization plan calls for $250 million to be raised through a rights offering to bondholders and general unsecured creditors, Solutia says. Monsanto, which spun off its industrial...

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