Solutia Wants To Clean Up Sites After Reorganization

Law360, New York (October 31, 2007, 12:00 AM EDT) -- In an effort to quicken its Chapter 11 proceedings, Solutia Inc. asked that over $713 million in environmental claims be reclassified, permitted to pass through the bankruptcy and resolved after reorganization.

The bankrupt manufacturer filed a conditional objection to the claims' current classification as general unsecured claims Tuesday in the U.S. Bankruptcy Court for the Southern District of New York.

The objection came in the wake of the Oct. 19 filing of Solutia's fifth amended restructuring plan.

Solutia requested that the claims, which involve the cleanup...
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.