In two possible routes out of bankruptcy, Solutia has proposed the framework for an amended plan of reorganization and is putting itself up for sale. Under the proposal, which could allow the chemical maker to emerge from bankruptcy at the end of March, bondholders with a total of $455.4 million in claims against Solutia would get up to a 48.7% equity stake in the company, a concession that Solutia says would allow them to recover 80% of what they are owed. Monsanto, Solutia's parent before its 1997 spin-off as a stand-alone company, would receive a 22.7% stake in the firm. General unsecured creditors would receive a 26.2% stake, and Solutia retirees would retrieve about half of what they are owed in the form of a 2.4% stake. Meanwhile, according to a recent federal filing, Solutia has begun to explore another route out of bankruptcy: selling itself to third parties. It has contacted 18 potential strategic and financial buyers and is currently reviewing indications of interest. The company says it would use the proceeds from the sale to settle with retirees and pay off creditors. Solutia originally filed for bankruptcy in December 2003 under the weight of retiree and environmental obligations.