Solutia Plans to Exit Bankruptcy in Third Quarter

Solutia says it has filed an amended bankruptcy plan that positions the company to emerge from bankruptcy in the third quarter. The amended plan puts Solutia’s post-bankruptcy enterprise value at $2.85 billion, with corresponding implied reorganization equity value of approximately $1.2 billion, says Solutia chairman and CEO Jeffry Quinn. A plan filed in January put the enterprise value at $2.05 billion, with an equity value of $1 billion (CW, Jan. 3/10, p. 12). Quinn: Increased recovery amounts. The amended plan gives “significantly increased”...

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