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," said Jeffry N. Quinn, chairman, president and CEO, Solutia Inc.
Quinn added, "We are pleased to have gained confirmation of a plan of reorganization that was supported by all of the major constituents in our case and that provides for significant creditor recoveries."
The company anticipates that the plan of reorganization will become effective in the late December or January timeframe.