Solutia Wins $400M DIP Increase

Law360, New York (January 25, 2007, 12:00 AM EST) -- Solutia Inc. now has an additional $400 million to help ease the company out of bankruptcy, after a judge permitted the company to increase and extend the terms of its debtor-in-possession loan.

The additional funds, approved by Judge Prudence Carter Beatty of the U.S. Bankruptcy Court for the Southern District of New York, will be provided by a group of lenders headed up by Citicorp USA.

The increase in DIP funding marks the fifth time the company has received an extension of the loan.

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