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Lenders' Cold Feet Imperils Solutia's Ch. 11 Exit

Law360 (February 1, 2008, 12:00 AM EST) -- Three underwriters that were expected to provide a $2 billion loan to finance Solutia Inc.'s exit from bankruptcy told the chemical company on Wednesday that they would no longer provide the funding, saying circumstances had changed since their agreement last fall.

Citigroup Global Markets Inc., Goldman Sachs Credit Partners L.P., and Deutsche Bank Trust Co. Americas informed Solutia in a letter that they were backing out of the deal.

The lenders wrote that “adverse change ... in the loan syndication, financial or capital markets” since they...
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