Solutia Creditor Balks At Disclosure Statement

Law360, New York (June 27, 2007, 12:00 AM EDT) -- Two Solutia Inc. employees have objected to the chemical company's disclosure statement on behalf of the members of the Solutia employee retirement plan, saying that it doesn't adequately explain the ramifications of the employees' claim.

In a motion filed Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, the employees, one former and one current, argued on behalf of the creditors of the Solutia Inc. Savings and Investment Plan (SIP) that the company's disclosure statement is silent regarding the existence and limits...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.