Solutia Sues Banks Over $2B Exit Loan

Law360, New York (February 6, 2008, 12:00 AM EST) -- Faced with the news that three top banks are backing out of an agreement to finance Solutia Inc.'s exit from Chapter 11 with a $2 billion loan, the company has accused the underwriters of fraudulently violating the agreement's terms and is trying to force the banks to follow through.

The bankrupt chemical company filed a complaint Wednesday against the banks, Citigroup Global Markets Inc., Goldman Sachs Credit Partners LP and Deutsche Bank Securities Inc., in the U.S. Bankruptcy Court for the Southern District of New York....
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