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Shareholders Object To Solutia's Disclosure Statement

Law360 (June 29, 2007, 12:00 AM EDT) -- In the latest blow to Solutia Inc., the chemical company's equity holders have lashed out at its disclosure statement, calling it “fatally inadequate.”

In separate objections filed June 28, the official committee of equity security holders and the ad hoc committee of noteholders urged the the U.S. Bankruptcy Court for the Southern District of New York to deny approval of Solutia's disclosure statement, filed in late May.

The shareholders said the disclosure statement “repeats the theme that propelled the debtors into bankruptcy in the first place,”...
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