Solutia to Exit Chapter 11 on February 28

On February 26, Solutia Inc. announced that it had received bankruptcy court approval of its exit financing and planned to emerge from Chapter 11 tomorrow — on February 28, 2008. Under the new plan, Solutia’s $2.05 billion exit financing package would be funded by Citigroup Global Markets Inc., Goldman Sachs Credit Partners LP, and Deutsche Bank Securities Inc. Solutia previously had filed suit against its financiers over delays in its exit financing.

Solutia’s press release on the new financing is here. Previous blog entries about Solutia’s Chapter 11 restructuring are available here and here.