Solutia Files Consensual Plan of Reorganization
The plan— known as the fifth amended plan of reorganization— was filed with the U.S. Bankruptcy Court for the Southern District of New York along with Solutia's fifth amended disclosure statement.
The agreement that formed the basis for this filing was announced in a press release issued Sept. 26.
"This consensual plan of reorganization, which is supported by all of the major constituents in our case, will facilitate Solutia's emergence from Chapter 11 as a financially healthy company," said Jeffry N. Quinn, chairman, president and chief executive officer of Solutia.
An Oct. 19 hearing has been set, when the court will be asked to approve the disclosure statement. Once approved, the disclosure statement will be sent to Solutia's creditors and equity interest holders to solicit approval of the plan.
The solicitation period will run for 30 days from the mailing of the solicitation materials. Then the court will hold a hearing to confirm the plan, and Solutia will emerge from Chapter 11.