* Filing Reflects Agreement Announced Sept. 26, 2007 * Supported by All Major Constituents * Positions Solutia for Emergence
ST. LOUIS, Oct. 15, 2007 (PRIME NEWSWIRE) -- Solutia Inc. (OTCBB:SOLUQ), a leading manufacturer and provider of high-performance specialty materials and chemicals, today filed a consensual plan of reorganization that has the support of all major constituents in its Chapter 11 case. The plan -- known as the fifth amended plan of reorganization -- was filed today with the U.S. Bankruptcy Court for the Southern District of New York along with Solutia's fifth amended disclosure statement. The agreement that formed the basis for this filing was announced in a press release issued Sept. 26, 2007, which can be viewed by clicking here:
http://investor.solutia.com/ireye/ir_site.zhtml?ticker=soluq.pk&script=418&layout=-6&item_id=1056088
"This consensual plan of reorganization, 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 N. Quinn, chairman, president and chief executive officer of Solutia Inc.
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.
To view the fifth amended plan of reorganization and disclosure statement, please visit http://www.solutia.com/reorganization/.
Forward-Looking Statements
This press release may contain forward-looking statements, which can be identified by the use of words such as "believes," "expects," "may," "will," "intends," "plans," "estimates" or "anticipates," or other comparable terminology, or by discussions of strategy, plans or intentions. These statements are based on management's current expectations and assumptions about the industries in which Solutia operates. Forward-looking statements are not guarantees of future performance and are subject to significant risks and uncertainties that may cause actual results or achievements to be materially different from the future results or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Solutia's most recent Annual Report on Form 10-K, under "Cautionary Statement About Forward-Looking Statements," Solutia's quarterly reports on Form 10-Q, and in filings with the U.S. Bankruptcy Court in connection with the Chapter 11 case of Solutia Inc. and 14 of its U.S. subsidiaries. These reports can be accessed through the "Investors" section of Solutia's website at www.solutia.com. The bankruptcy court filings can be accessed by visiting www.trumbullgroup.com. Solutia disclaims any intent or obligation to update or revise any forward-looking statements in response to new information, unforeseen events, changed circumstances or any other occurrence.
Corporate Profile
Solutia (http://www.Solutia.com) 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 ... Solutions for a Better Life.
The Solutia Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2620