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Solutia Wins Approval To Send Plan To Creditors

Law360 (October 19, 2007, 12:00 AM EDT) -- Solutia Inc. has been given the green light to send its recently filed Chapter 11 reorganization plan to creditors for a vote, even as the bankrupt chemical company's indenture trustee criticized the plan as “patently unconfirmable.”

Judge Prudence Carter Beatty of the U.S. Bankruptcy Court for the Southern District of New York on Friday ruled that the disclosure statement contained sufficient information for the creditors to evaluate it. The creditors have until Nov. 26 to cast their votes.

Despite Solutia's claims that it has the full...
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