St. Louis, MO, November 17, 2006--Solutia Inc., has received a 60-day extension to the period in which it is solely responsible for its plan of reorganization, according to the St. Louis Post Dispatch.
A constituency of bondholders had filed a motion in U.S. Bankruptcy Court in Manhattan seeking to intervene. They claimed Solutia was not moving fast enough, or doing sufficiently hard bargaining with other stakeholders to emerge from bankruptcy.
Judge Prudence Carter said during a Thursday hearing that Solutia could have another 60 days to exclusively work on a reorganization plan, said company spokesman Dan Jenkins. Solutia had asked for a 90-day extension, but said it has been meeting with creditors, equity holders and Monsanto Co., which has a stake in the case, and expects to soon file a revised plan.
