ST. LOUIS (Feb. 28, 2008) — Solutia Inc. emerged today from Chapter 11 bankruptcy protection.
The parent of rubber chemicals firm Flexsys N.V. left Chapter 11 with $2.05 billion in exit financing funded by Citigroup Global Markets Inc., Goldman Sachs Credit Partners L.P. and Deutsche Bank Securities Inc. The money is being used to pay certain creditors and for ongoing operations.
During its time in Chapter 11, Solutia diversified from both an end-market and geographic perspective, the company said. It derived 55 percent of sales last year from outside the U.S., compared with 39 percent in 2003.
The new common stock of reorganized Solutia is to begin trading March 3 on the New York Stock Exchange under the ticker symbol SOA.