Solutia Sees End To Its Bankruptcy

Solutia says it is poised to emerge from bankruptcy by the end of the year. The company, which entered bankruptcy in 2003 under the weight of pension and environmental liabilities, says it has reached a settlement with all the major constituents in its Chapter 11 case. Under the settlement, Solutia's former parent company, Monsanto, will take on financial responsibilities for tort litigation and environmental remediation. Solutia's Chief Financial Officer James M. Sullivan says he is confident the company can secure the necessary exit financing package despite recent turbulence in the debt market.