Solutia Inc. (OTC Bulletin Board: SOLUQ), a leading manufacturer and provider of performance films, specialty chemicals and an integrated family of nylon products, today filed several protective actions in its Chapter 11 case. According to federal bankruptcy law, Solutia has two years from its Chapter 11 petition (December 17, 2003) to file certain types of actions. As a result, the company is filing approximately 90 avoidance actions prior to this deadline, including one such action against Monsanto/Pharmacia, to preserve the legal rights of the bankrupt estate.
"While no decision has been made to pursue these actions and we may never do so, we believe it is a prudent step to file them prior to the deadline to preserve the rights of the bankrupt estate," said Jeffry N. Quinn, president and CEO, Solutia Inc. "Solutia remains committed to the agreement-in- principle announced in June. We continue to make progress toward the successful restructuring of Solutia consistent with that agreement."
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