Solutia gets extension to July 14 to file reorganization plan

By Jeff Pines

Washington, April 14 - Solutia Inc.'s request for an extension to its exclusive period was approved, giving the company until July 14 to file a reorganization plan and until Sept. 14 to solicit acceptances, according to an order from the U.S. Bankruptcy Court for the Southern District of New York.

The St. Louis-based company said it filed for Chapter 11 on Dec. 17 to obtain relief from its legacy liabilities, which include litigation and settlement costs, environmental remediation and Monsanto retiree healthcare obligations that Solutia was required to assume when it was spun off from the former Monsanto Co., now Pfizer's Pharmacia subsidiary.

Solutia's Chapter 11 case number is 03-17949.

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