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Solutia Seeks Fifth Amendment of DIP Loan

Law360 (January 4, 2007, 12:00 AM EST) -- Chemical products maker Solutia Inc.’s debtors filed a motion to approve a fifth amendment to its debtor-in-possession loan Wednesday, increasing the company’s DIP financing by $400 million and extending its loan another year.

Solutia’s current DIP loan amounts to $825 million and is set to mature in March of this year. A hearing has been scheduled for January 24 to discuss the latest amendment.

Solutia’s debtors already have plans for the increase in funds. In December the company said that it had reached an agreement to...
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