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Solutia Creditor Swaps $30M Claims For $13M Deal

Law360 (January 16, 2008, 12:00 AM EST) -- The bankruptcy court overseeing Solutia Inc.'s Chapter 11 case has finalized the chemical company's settlement with The BOC Group Inc., exchanging BOC's two asserted claims, which totaled $30.8 million, for an allowed $13.3 million unsecured claim.

Addtionally, Solutia's adversary proceeding against BOC, which sought to recover or avoid $547,221.99 in alleged preferential transfers, has been dismissed with prejudice.

Judge Prudence Carter Beatty of the U.S. Bankruptcy Court for the Southern District of New York approved the parties' joint stipulation, which was first filed in December, on...
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