Law360, New York (February 27, 2008, 12:00 AM EST) -- With exit financing in hand from three major lenders, St. Louis-based chemical company Solutia Inc. will mark Thursday as the first day since December 2003 that it has not operated under Chapter 11 protection. The case has had many fraught moments along the way.
The company, spun off from Monsanto Co. in 1997, has endured a protracted four-year bankruptcy that included multiple lawsuits involving shareholders and lenders, repeated revisions of its reorganization plan and millions of dollars in attorneys' fees.
Court approval this week of $2...
After 4 Beleaguered Years, Solutia Exits Bankruptcy
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