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Chemical Week Magazine :: Newsbriefs
Solutia Poised to Emerge from Bankruptcy by Year-End
12:42 PM MDT | October 3, 2007 | Chemical Week Editorial Staff
Quinn: Exit from bankruptcy nears. Solutia says it expects to emerge from bankruptcy by year-end after reaching a settlement with all major parties in its Chapter 11 cases. The company will file a revised plan of reorganization within the next few days, Solutia chairman and CEO Jeffry Quinn said last week. The reorganization plan provides for $250 million of new investment in the company, which will be in the form of a rights offering to bondholders and general unsecured creditors, Solutia says. The rights offering will be backed by a group of Solutia’s...
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