Solutia Gets Approval to Negotiate Sale of Affilia
St. Louis, MO, July 26--Solutia Inc. has won Bankruptcy Court approval to enter into exclusive negotiations with a potential buyer for its affiliate, Astaris L.L.C. Solutia and FMC Corp., a Philadelphia maker of specialty chemicals, each own half of Astaris, a manufacturer of phosphates used in food products.
The two companies agreed to hold exclusive sale talks for the unit for 30 days with an undisclosed buyer. The companies have been marketing Astaris since late last year. Solutia, St. Louis, is trying to raise money to repay creditors owed $3.2 billion at the time of its December 2003 bankruptcy filing.
