Solutia Settlement Clears Path for Bankruptcy Exit

Solutia reached a settlement last week with lenders to fund its $2-billion exit financing package. The deal cleared the way for the company to emerge from Chapter 11 bankruptcy protection on February 28. Solutia had sued the lenders, which include affiliates of Citigroup, Goldman Sachs, and Deutsche Bank, late last month after the banks sought to back out of the financing commitment. The banks said that deteriorating credit market conditions had made it impossible for them to meet the financing commitment (CW, Feb. 11/18, p. 6). Solutia agreed last week to...

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