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Solutia's $225 million sale of joint venture Astaris approved
By Caroline Salls
Pittsburgh, Oct. 19 - Solutia Inc. and FMC Corp. obtained court approval for the $225 million sale of Astaris, their 50/50 specialty phosphates joint venture, to Israel Chemicals Ltd., according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.
Solutia will use the proceeds of the Astaris sale to partially pay down the term loan portion of its debtor-in-possession financing.
"The Astaris divestiture is the latest step forward in a key component of our reorganization strategy: building a portfolio of high-potential businesses to form the core of reorganized Solutia," Solutia senior vice president and chief financial officer Jim Sullivan said in a previous company news release.
"While Astaris has benefited greatly from restructuring actions taken during 2004, it is a non-core asset to Solutia that is a better strategic fit for a company such as ICL."
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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