Solutia Triumphs In Bondholder Spat

Law360, New York (May 2, 2007, 12:00 AM EDT) -- A bankruptcy judge has come down on the side of Solutia Inc. in an ongoing legal battle between the chemical company and a group of bondholders that filed an adversary proceeding after the status of their $450 million claim was changed from secured to unsecured.

U.S. Bankruptcy Judge Prudence Carter Beatty on Tuesday found that Solutia's 7.375% notes due Oct. 15, 2027 and its 6.72% notes due Oct. 15, 2037 are not entitled to a lien on any of Solutia's assets, and therefore should be treated...
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