Solutia Updates Bankuptcy Plan, Considers Sale of Company

Solutia says it provided bondholders with a draft plan of reorganization last month that would give bondholders a 48.7% stake in the company after it emerges from bankruptcy protection and completes a related equity-rights offering. The plans were disclosed in regulatory filings made in late December. Solutia filed for bankruptcy in December 2003, citing the cost of litigation, environmental remediation, and post-retirement benefits and liabilities assumed at the time of its 1997 spin-off from Monsanto. Creditors holding general unsecured claims against Solutia...

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