St. Louis, MO, December 12, 2005--Solutia Inc., said in a regulatory filing that it filed a motion to the bankruptcy court seeking an order to limit certain transfers of the company's equity securities.
The order would require owners of at least 4.5% of Solutia's stock to notify the company and the court that they are substantial owners, and require such substantial owners to file a notice with the company and the court before any acquisition or disposition of Solutia's stock, according to a Form 8-K filed with the Securities and Exchange Commission.
The order would also allow Solutia to object in court to any such transactions if they pose a material risk of hurting the company's ability to utilize the accumulated tax net operating loss carry-forwards or other tax attributes.
Solutia requested the order to enable it to avoid limitations on the use of such carry-forwards, which are estimated to be about $787.8 million as of Dec. 31, and certain other tax attributes.
A hearing on the motion is scheduled for Feb. 1, 2006, the filing said.
