The plan -- known as the fifth amended plan of reorganization -- was filed today with the U.S. Bankruptcy Court for the Southern District of New York along with Solutia's fifth amended disclosure statement. The agreement that formed the basis for this filing was announced in a press release issued Sept. 26, 2007, which can be viewed by clicking here:
"This consensual plan of reorganization, which is supported by all of the major constituents in our case, will facilitate Solutia's emergence from Chapter 11 as a financially healthy company," said Jeffry N. Quinn, chairman, president and chief executive officer of Solutia Inc.
An Oct. 19, 2007 hearing has been set at which the court will be asked to approve the disclosure statement. Once approved, the disclosure statement will be sent to Solutia's creditors and equity interest holders to solicit approval of the plan. The solicitation period will run for 30 days from the mailing of the solicitation materials. Following the solicitation period, the court will hold a hearing to confirm the plan, after which Solutia will emerge from Chapter 11.
To view the fifth amended plan of reorganization and disclosure statement, please visit http://www.solutia.com/reorganization/.