With Backstop Deal OK'd, Solutia Nears Ch. 11 Exit

Law360, New York (November 8, 2007, 12:00 AM EST) -- Solutia Inc. has secured court approval of its deal with a handful of unsecured creditors who will pump $250 million into the recovering chemical company in exchange for backstop rights and the chance to directly purchase discounted new stock.

Following a Tuesday hearing, Judge Prudence Beatty of the Manhattan bankruptcy court signed off on the agreement. Solutia inked the agreement last month with UBS Securities LLC, Merrill Lynch & Co. Inc., a General Motors Corp. pension fund, and hedge funds Highland Capital Management, Longacre Fund Management...
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