Solutia, Calpine Seal $140M Deal

Law360, New York (September 26, 2007, 12:00 AM EDT) -- The judge in chemical maker Solutia Inc.'s Chapter 11 proceedings has confirmed a $140 million deal with Calpine Central LP to settle the bankrupt energy company's unsecured claims over an alleged breach of contract.

Judge Prudence Carter Beatty of the U.S. Bankruptcy Court for the Southern District of New York okayed the agreement Tuesday, over a month after Solutia first filed papers with the court about the proposed pact.

The settlement will end 18 months of complex litigation and preclude an arbitration hearing set to begin...
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