ST. LOUIS (Sept. 28, 2007) — Solutia Inc., parent of rubber chemicals producer Flexsys N.V., said it has secured the support of all of the major constituents in its Chapter 11 cases for a consensual plan of reorganization.
The company will reveal details of the plan in the next few days, and the company is expected to seek formal approval for the settlement in court Oct. 10.
Once approved, the disclosure statement will be sent to Solutia´s creditors and equity interest holders for voting purposes. The court will then hold a hearing to approve or confirm the plan.
Jeffry Quinn, chairman, president and CEO of Solutia Inc., said the plan will position the firm to emerge from bankruptcy by the end of the year and will provide for $250 million of new investment in the reorganized company.