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People & Business :: Companies

Solutia Plans to Exit Bankruptcy in Third Quarter

1:46 PM MDT | May 23, 2007 | Kara Sissell

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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