Solutia Offers Solution

9 years 11 months 1 week ago December 28, 2006 Dec 28, 2006 Thursday, December 28 2006 Thursday, December 28, 2006 7:11:08 PM CST in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
NEW YORK - St. Louis-based Solutia outlined a new Chapter 11 plan Thursday that would let bondholders trade their debt for a 48.7 percent stake in the reorganized chemical company. The plan would also allow Solutia to exit bankruptcy by next March 31. Bondholders who are owed about $455 million would trade their debt for 36.52 million shares in the reorganized Solutia and be able to buy about 16 million more shares. Solutia spun off from parent company Monsanto in 1997. Monsanto then merged into Pharmacia Corp. in 2000, which spun off its agriculture business as Monsanto in 2002. Pfizer acquired the pharmacy portion of the company. Solutia filed for Chapter 11 protection in 2003.

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