Court Confirms Solutia Plan of Reorganization
St. Louis-based Solutia Inc. has announced that the U.S. Bankruptcy Court for the Southern District of New York has confirmed its plan of reorganization.
"While this has been a long process, we have used our time in Chapter 11 to truly transform and revitalize Solutia—shaping a strong portfolio of businesses, shedding $1.3 billion in liabilities and growing the company by $1 billion in sales while more than doubling our earnings. We will emerge from Chapter 11 as a growing, vibrant company that is positioned for success," says Jeffry N. Quinn, chairman, president and chief executive officer for Solutia Inc.
The company anticipates that the plan of reorganization will become effective in the late December or January time frame.
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