May 18 2007
Solutia Inc., a leading manufacturer and provider of high-performance specialty materials and chemicals, today announced it has filed an Amended Plan of Reorganization (the "plan") and Disclosure Statement with the Bankruptcy Court for the Southern District of New York. The filing of the plan was supported by the Official Committee of Unsecured Creditors (the "Creditors Committee"), Monsanto Company, Pharmacia Corporation ("Pharmacia"), the Official Committee of Retirees (the "Retirees Committee"), and the Ad Hoc Committee of Trade Creditors.
"We are pleased to have filed a plan that positions Solutia to emerge from chapter 11 with an improved cost structure, strengthened balance sheet, and greatly reduced risk profile," said Jeffry N. Quinn, chairman, president and chief executive officer of Solutia Inc."Importantly, we will do so while providing significant recoveries for our creditors, ensuring all environmental remediation commitments will be met, securing and providing significant funding for retiree welfare benefits, and preserving our pension plan."