Solutia granted bridge exclusivity extension until court rules on full request

By Caroline Salls

Pittsburgh, Oct. 4 - Solutia Inc. obtained a bridge extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Under the bridge extension, the exclusive plan filing period was extended to the date the court rules on the full motion, and the solicitation period will expire 60 days after the ruling date.

The final hearing on the extension has not yet been scheduled.

The company wants to extend its exclusive plan filing period to April 10, 2007 from Oct. 10 and the solicitation period to June 11, 2007 from Dec. 11.

The company said in the motion that the extension is necessary because it has a number of unresolved proceedings that need to be completed, including adversary proceedings with JP Morgan Chase Bank NA and Monsanto Co. and Pharmacia Corp.

Solutia, a St. Louis-based manufacturer and provider of performance films, specialty chemicals and an integrated family of nylon products, filed for bankruptcy on Dec. 17, 2003. Its Chapter 11 case number is 03-17949.

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