Solutia requests supplemental extension to exclusivity periods

By Caroline Salls

Pittsburgh, Dec. 7 - Solutia Inc. requested a supplemental extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive plan filing period to April 11 from the scheduled Dec. 15 hearing and the solicitation period to June 5, 2006 from 60 days after the Dec. 15 hearing.

In September, the company asked the court to extend the plan filing period to Jan. 9 and the solicitation period to March 6. A bridge order was granted and the final hearing on that request was scheduled for Dec. 15.

According to the motion, at the time the original exclusivity motion was filed, Jan. 9 was an appropriate deadline.

However, as more than two months have passed since the filing of the exclusivity motion, Solutia said the extension to Jan. 9 no longer affords it the time necessary to accomplish its goal of filing a consensual Chapter 11 plan of reorganization.

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

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