Solutia looks to increase professionals fee payment cap to $15 million

By Caroline Salls

Pittsburgh, Jan. 12 - Solutia Inc. requested court approval to increase the cap for payments to its professionals to $15 million from $10 million, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Solutia said it will soon exceed the original cap because of the duration of its Chapter 11 cases.

The increased cap would allow the company to make up to $15 million in professionals payments without having to prepare individual retention and fee applications.

A hearing is scheduled for Jan. 25.

Solutia, a St. Louis-based manufacturer and provider of performance films, specialty chemicals and an integrated family of nylon products, filed for bankruptcy on Dec. 17, 2003. Its Chapter 11 case number is 03-17949.

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