Solutia Receives $300M DIP Financing Boost

Law360, New York (February 27, 2006, 12:00 AM EST) -- Chemical products maker Solutia Inc., a spin-off of chemical giant Monsanto Co., will receive an additional $300 million in debtor in possession financing and an extension of more than nine months to its current financing deal as the company struggles to emerge from Chapter 11.

According to the St. Louis-based company, the new DIP loan amounts to $825 million and will mature in March 2007, pending court approval.

Solutia says the increased availability is needed in order to fund mandatory pension payments due this year....
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