Solutia disclosure, exclusivity hearing adjourned to Aug. 1

By Jennifer Lanning Drey

Portland, Ore., July 26 - Solutia Inc.'s disclosure statement for its plan of reorganization was deemed not yet approvable for the fourth time by a judge at the U.S. Bankruptcy Court for the Southern District of New York, according to a source familiar with the case.

Following arguments made during a Thursday hearing, judge Prudence C. Beatty adjourned the hearing to Aug. 1.

A final ruling on Solutia's request to extend its exclusive periods to file a plan of reorganization and solicit votes on the plan was also delayed until the Aug. 1 court date, with a bridge extension granted through that date.

As previously reported, the company wants to extend its exclusive plan-filing period to Dec. 31 from July 30 and the solicitation period to Feb. 29, 2008 from Sept. 28.

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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