Solutia Nears Ch. 11 Exit With Financing Deal

Law360, New York (February 26, 2008, 12:00 AM EST) -- Citigroup Global Markets Inc., Goldman Sachs Credit Partners LP and Deutsche Bank Securities Inc. will provide the funds for Solutia Inc. to exit Chapter 11 after all, ending weeks of bitter dispute over the trio’s attempt to back out of an earlier exit financing offer.

The bankrupt chemical company revealed Tuesday that it had reached a tentative agreement with the three financial giants, though the deal still requires final approval from the U.S. Bankruptcy Court for the Southern District of New York.

News of the deal...
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