Solutia Seeks Stay, Committees Object

Law360, New York (August 15, 2006, 12:00 AM EDT) -- An attempt to thwart a lawsuit against a former parent company of bankrupt chemical products maker Solutia Inc. has inspired vehement objections from both Solutia’s official equity holders committee and the ad hoc committee of noteholders.

Monday, the two committees filed separate sets of papers in opposition to Solutia’s motion seeking a stay of an adversary proceeding against Monsanto Co. and Pharmacia Corp.

Solutia was spun off from Monsanto in 1997, and Monsanto changed its name to Pharmacia following a merger in 2000. In 2002, a...
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