Court Confirms Solutia Plan of Reorganization
Thursday November 29, 3:04 pm ET
ST. LOUIS, Nov. 29, 2007 (PRIME NEWSWIRE) -- Solutia Inc., a leading manufacturer and provider of high-performance specialty materials and chemicals, today announced that the U.S. Bankruptcy Court for the Southern District of New York has confirmed its plan of reorganization.
``While this has been a long process, we have used our time in Chapter 11 to truly transform and revitalize Solutia - shaping a strong portfolio of businesses, shedding $1.3 billion in liabilities, and growing the company by $1 billion in sales while more than doubling our earnings. We will emerge from Chapter 11 as a growing, vibrant company that is positioned for success,'' said Jeffry N. Quinn, chairman, president and CEO, Solutia Inc.
Quinn added, ``We are pleased to have gained confirmation of a plan of reorganization that was supported by all of the major constituents in our case and that provides for significant creditor recoveries.''
The company anticipates that the plan of reorganization will become effective in the late December or January timeframe.
Solutia uses world-class skills in applied chemistry to create value-added solutions for customers, whose products improve the lives of consumers every day. Solutia is a world leader in performance films for laminated safety glass and after-market applications; chemicals for the rubber industry; specialties such as heat transfer fluids and aviation hydraulic fluid; and an integrated family of nylon products including high-performance polymers and fibers.
Solutia ... Solutions for a Better Life.
Source: Solutia Inc.
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