Solutia gets court OK of $3.6 million settlement with U.S. EPA

By Rebecca Melvin

New York, Feb. 8 - Solutia Inc. obtained court approval of a compromise agreement with the U.S. Environmental Protection Agency that reduced a claim against the company to $3.6 million from $9.78 million, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The EPA named Solutia as a defendant in the Great Lakes suit as an alleged successor to the liability of the former Monsanto Co., seeking reimbursement for costs incurred in connection with the release or threatened release of hazardous substances at the Great Lakes Container Corp. in St. Louis.

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

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