Solutia Noteholders Object To Exclusivity Extension

Law360, New York (November 13, 2006, 12:00 AM EST) -- The ad hoc committee of noteholders in Solutia Inc.’s bankruptcy case has filed a scathing objection to the debtor’s ninth request to extend its exclusive right to file a Chapter 11 plan, accusing Solutia of failing to negotiate in good faith, squandering the estate’s resources and taking a cavalier attitude toward the reorganization process.

The ad hoc committee has two major sticking points with Solutia. The committee has objected to what it perceives as a sweetheart deal with Monsanto Co., which is in line for a...
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