Solutia Seeks Court OK For Huntsman Deal

Law360, New York (July 9, 2007, 12:00 AM EDT) -- Solutia Inc. has asked the court overseeing its Chapter 11 proceedings to sign off on a settlement deal with one of its raw material suppliers, saying that both parties have a significant business interest in averting litigation and reaching a consensual resolution of their claims and disputes.

The bankrupt chemical products maker said in court documents filed July 6 that it had reached a deal with Huntsman Petrochemical Corp. on June 30 after months of extensive arm's-length negotiations. The settlement should be given the green light,...
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