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Judge rules in favor of Solutia JPMorgan bondholder litigation
02 May '07
1 min read
Judge Prudence Carter Beatty issued a ruling in favor of Solutia Inc in the JPMorgan bondholder litigation.
The judge found that Solutia's 7.375 percent notes due October 15, 2027 and its 6.72 percent notes due October 15, 2037 are not entitled to a lien on any of Solutia's assets and therefore should be treated like all of the other unsecured creditors.
"We are pleased to have our position sustained by the court and this decision clarifies an important legal issue concerning the status of one of our major creditor constituents that will allow for Solutia to emerge from bankruptcy," said Jeffry N. Quinn, chairman, president and chief executive officer of Solutia.
"Our priority remains to maximize the value of the estate for all stakeholders and we look forward to filing a revised Plan of Reorganization shortly," added Quinn.
Solutia based in St. Louis, Mo is a leading manufacturer and provider of interlayers for laminated glass, aftermarket window films, specialty chemicals and an integrated family of nylon products.
The judge found that Solutia's 7.375 percent notes due October 15, 2027 and its 6.72 percent notes due October 15, 2037 are not entitled to a lien on any of Solutia's assets and therefore should be treated like all of the other unsecured creditors.
"We are pleased to have our position sustained by the court and this decision clarifies an important legal issue concerning the status of one of our major creditor constituents that will allow for Solutia to emerge from bankruptcy," said Jeffry N. Quinn, chairman, president and chief executive officer of Solutia.
"Our priority remains to maximize the value of the estate for all stakeholders and we look forward to filing a revised Plan of Reorganization shortly," added Quinn.
Solutia based in St. Louis, Mo is a leading manufacturer and provider of interlayers for laminated glass, aftermarket window films, specialty chemicals and an integrated family of nylon products.
Solutia Inc
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