Solutia requests extension to exclusivity period

By Reshmi Basu

New York, July 17 - Solutia Inc. requested an 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 Dec. 31, 2007 from July 30 and the solicitation period to Feb. 29, 2008 from Sept. 28.

According to the motion, the company said it has made "significant progress towards confirmation of its plan" but wants an extension so that it can confirm the plan without distractions and disruptions.

A hearing is scheduled for July 26.

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

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