Solutia To Pay EPA $3M To Settle Superfund Issues

Law360, New York (January 30, 2008, 12:00 AM EST) -- Solutia Inc. has granted the U.S. Environmental Protection Agency a $3.6 million allowed unsecured claim in its Chapter 11 case in order to resolve the EPA's $9.8 million claim and to settle the EPA's related lawsuit, which was filed before Solutia entered bankruptcy.

Solutia filed a joint stipulation outlining the agreement Monday in the U.S. Bankruptcy Court for the Southern District of New York. A hearing on the settlement is scheduled for Feb. 7.

Under Solutia's court-approved reorganization plan, unsecured creditors will receive 83 cents for...
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