Cost of Solutia's Bankruptcy Passes $120 Million

Law360, New York (December 5, 2006, 12:00 AM EST) -- Tuesday was payday for law firms, accountants and advisors retained in Solutia Inc.’s bankruptcy case. The debtors received the court's permission to pay out more than $17 million in fees and expenses.

U.S. Bankruptcy Judge Prudence Carter Beatty approved compensation applications totaling $17,212,379.25, a figure which covers fees and expenses Solutia incurred between April 1, 2006 and July 31, 2006. Solutia filed for bankruptcy on December 17, 2003.

The latest round of fee approvals pushes the total cost of Solutia's bankruptcy up to approximately $123 million....
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