Advertisement

If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)

ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.

ENJOY UNLIMITED ACCES TO C&EN

Business

Solutia Sues Banks Over Exit Package

February 11, 2008 | A version of this story appeared in Volume 86, Issue 6

Solutia has filed suit in U.S. bankruptcy court against Citigroup, Goldman Sachs, and Deutsche Bank for withdrawing a $2 billion package that would have financed its exit from bankruptcy. According to Solutia, the banks made a firm commitment to the package in October 2007 but retracted it in late January, claiming there had been a change in the credit markets since entering the commitment. Solutia CEO Jeffry N. Quinn says the banks promised the package knowing that the financial markets were in disarray. "It is a well-documented fact that the ongoing conditions in the credit markets began in the summer of 2007," he says.

Article:

This article has been sent to the following recipient:

0 /1 FREE ARTICLES LEFT THIS MONTH Remaining
Chemistry matters. Join us to get the news you need.