Solutia Secures $2 Billion in Financing

1 decade 2 years 1 week ago Wednesday, October 31 2007 Oct 31, 2007 Wednesday, October 31, 2007 2:55:42 PM CDT October 31, 2007 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
ST. LOUIS (AP) - The chemical maker Solutia Incorporated says it has received a commitment for two billion dollars in financing to help it emerge from bankruptcy. The suburban St. Louis-based company was spun off by Monsanto in 1997. It hopes to be out of bankruptcy by the end of the year. Solutia officials say that in addition to the bankruptcy exit package, the company has arranged for an offering to raise 250 million dollars in new equity capital to fund retiree benefits and retained legacy liabilities. Both funding packages must be approved by U.S. Bankruptcy Court for the Southern District of New York. A hearing is scheduled for November 29. Solutia makes a variety of chemical products.

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