Solutia files plan to withdraw from Chapter 11

St Louis, Missouri - Further to an announcement on 27 Sept, Solutia Inc. has formally filed its agreed plan to emerge from bankruptcy under the US Chapter 11 rules.

"This consensual plan of reorganisation, which is supported by all of the major constituents in our case, will facilitate Solutia's emergence from Chapter 11 as a financially healthy company," said Jeffry Quinn, chairman, president and chief executive officer of Solutia.

An Oct. 19, 2007 hearing has been set at which the court will be asked to approve the disclosure statement. Once approved, the disclosure statement will be sent to Solutia's creditors and equity interest holders to solicit approval of the plan. The solicitation period will run for 30 days from the mailing of the solicitation materials. Following the solicitation period, the court will hold a hearing to confirm the plan, after which Solutia will emerge from Chapter 11.

Solutia owns the world's largest supplier of chemicals and insoluble sulphur to the rubber industry, Flexsys.

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Press release from Solutia

Main aspects of agreed plan presented by Solutia