Solutia Reaches Amended Pact With Monsanto

Law360, New York (July 16, 2007, 12:00 AM EDT) -- Solutia Inc. has reportedly reached an amended settlement agreement with former parent company Monsanto Co. that will allow the bankrupt chemical manufacturer to shed legacy liabilities and move ahead with its restructuring.

At a hearing Tuesday before the U.S. Bankruptcy Court in Manhattan, Monsanto agreed to pick up the cost of any liabilities that came from chemical plants it owned before spinning off Solutia in 1997, Dow Jones reported.

However, Judge Prudence Carter Beatty did not approve the company's disclosure statement, saying it needed to be...
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