Objections Pour In To Proposed Exclusivity Extension

Law360, New York (July 24, 2007, 12:00 AM EDT) -- Solutia Inc.'s shareholder and bondholder committees have objected to the bankrupt chemical company's request for a twelfth extension to its exclusivity period for filing a reorganization plan.

In documents filed Monday with the U.S. Bankruptcy Court for the Southern District of New York, the official committee of equity holders asked the court to end the exclusivity period and allow it to file a competing restructuring proposal.

“To date, the debtors have enjoyed an exclusive period of almost four years from their petition date,” the shareholders said....
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