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Solutia announces settlement with 2009 senior noteholders
17 Jan '08
1 min read
Solutia Inc announced that it has reached a settlement with the Bank of New York, as indenture trustee for Solutia's 11.25% senior secured notes due 2009, and holders of the 2009 notes representing the requisite principal amount needed to direct the trustee to enter into the settlement terms.
Under the terms of the settlement, the noteholders will receive $220.5 million in cash plus all accrued but unpaid interest through the effective date of Solutia's plan of reorganization.
Solutia anticipates the effective date of its plan of reorganization will be later this month. This settlement is subject to approval by the U.S. Bankruptcy Court for the Southern District of New York.
Solutia uses world-class skills in applied chemistry to create value-added solutions for customers, whose products improve the lives of consumers every day.
Solutia is a world leader in performance films for laminated safety glass and after-market applications; chemicals for the rubber industry; specialties such as heat transfer fluids and aviation hydraulic fluid; and an integrated family of nylon products including high-performance polymers and fibers.
Under the terms of the settlement, the noteholders will receive $220.5 million in cash plus all accrued but unpaid interest through the effective date of Solutia's plan of reorganization.
Solutia anticipates the effective date of its plan of reorganization will be later this month. This settlement is subject to approval by the U.S. Bankruptcy Court for the Southern District of New York.
Solutia uses world-class skills in applied chemistry to create value-added solutions for customers, whose products improve the lives of consumers every day.
Solutia is a world leader in performance films for laminated safety glass and after-market applications; chemicals for the rubber industry; specialties such as heat transfer fluids and aviation hydraulic fluid; and an integrated family of nylon products including high-performance polymers and fibers.
Solutia Inc
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