Solutia gets official committee of retirees

By Jeff Pines

Washington, Feb. 23 - Solutia, Inc. will get an official committee of retirees, according to a Feb. 20 filing with the U.S. Bankruptcy Court for the Southern District of New York.

Solutia filed for bankruptcy Dec. 17 and wants to modify its retiree benefits plans. The company was required to pay for Monsanto retiree benefits, when it was spun off from Monsanto, which is now Pfizer's Pharmacia subsidiary. About 9,800 retirees and 9,700 spouses receive health, life and disability receiving benefits from the company.

Among the reasons, the company filed for bankruptcy were the costs of retiree health benefits. Other reasons included costly environmental litigation and environmental remediation.

The Chapter 11 case number is 03-17949.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.