Solutia gets extension on exclusive periods to Oct. 12 to file a plan, Dec. 11 to solicit votes

By Jeff Pines

Washington, July 1 - Solutia Inc. will have until Oct. 12 to exclusively file a plan of reorganization and until Dec. 11 to exclusively solicit votes for the plan, according to a filing Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

Its current right to exclusively submit a plan ends July 14 and to exclusively solicit votes ends Sept. 12.

Though the St. Louis-based chemical company has made a lot of progress since it filed for bankruptcy, in its request the company said it needs more time to refine and implement its business plan, identify and quantify its potential liabilities, evaluate the potential for asset sales, continue working to stabilize its pension plans and work toward a valuation of its domestic and foreign businesses.

Solutia noted its case is large and complex with nearly 90,000 creditors and more than $3 billion in liabilities. In addition, it has made progress with its creditors and that it is paying its bills as they come due.

Solutia filed for bankruptcy on Dec. 17, 2003. Its Chapter 11 case number is 03-17949.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.