Solutia Wants $15B In Claims Reclassified As Torts

Law360, New York (October 26, 2007, 12:00 AM EDT) -- Solutia Inc. is asking the court overseeing its Chapter 11 proceedings to reclassify claims totaling more than $15 billion as “tort claims” and expunge claims predicated on retiree benefits, following the company’s Oct. 19 filing of its fifth amended restructuring plan.

Solutia filed a “conditional objection” with respect to each set of claims on Thursday, asking U.S. Bankruptcy Judge Prudence Carter Beatty to reclassify and expunge the claims, contingent on the consummation of Solutia's recently filed Chapter 11 plan.

The claims Solutia wants reclassified as tort...
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.