As previously announced, on November 29, 2007, the U.S. Bankruptcy Court for the Southern District of New York confirmed Solutia's plan of reorganization and approved the company's exit from bankruptcy subject to certain conditions including the funding of an exit financing facility.
Today Solutia's $2.05 billion exit financing facility was funded by Citigroup Global Markets Inc, Goldman Sachs Credit Partners L.P., and Deutsche Bank Securities Inc. This exit financing is being used to pay certain creditors, and for ongoing operations.
The new common stock of reorganized Solutia is scheduled to begin trading on the New York Stock Exchange under the ticker symbol SOA on Monday, March 3, 2008. (Currently the stock symbol also includes the "WI" notation). The "old" Solutia stock, which was trading over-the-counter under the SOLUQ ticker symbol, together with warrants or options to purchase old common stock, were cancelled.
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