Law360, New York (April 12, 2007, 12:00 AM ET) -- Troubled chemical company Solutia Inc.’s bankruptcy has become “stagnant” and its exclusivity period over its Chapter 11 plan should end, according to the official committee for equity holders.
On Wednesday, the committee asked the court to terminate Solutia’s exclusive period in order to protect shareholders from “being held hostage by a plan that…will inevitably undervalue [Solutia’s] enterprise in order for [Solutia’s] unsecured creditors to realize a windfall after emergence from Chapter 11.”
“Despite the fact that the debtors have enjoyed an exclusive period of almost four...
Equity Committee Wants To End Solutia's Exclusivity
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