02.26.2008 2:02 pm
Court OKs Solutia bankruptcy financing plan
St. Louis Post-Dispatch
Solutia Inc. says it received court approval of its bankruptcy exit financing and related matters.
Under this exit financing agreement, Citigroup Global Markets Inc., Goldman Sachs Credit Partners L.P., and Deutsche Bank Securities Inc. will fund Solutia’s $2.05 billion exit financing package on Thursday, at which time Solutia’s plan of reorganization will become effective and the company will emerge from Chapter 11.
”With this court approval, Solutia is poised to emerge as a successfully repositioned performance materials company with a diversified portfolio of market-leading businesses,” said Jeffry N. Quinn, chairman, president and CEO of Solutia Inc.
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