Final Debtor-in-Possession Hearing Scheduled for Today
Solutia Inc. has announced today that the U.S. Bankruptcy Court hearing on its application for approval of final debtor-in-possession financing, will be held today at 11 a.m. The hearing was slated for January 9 originally. An order approving interim DIP financing was entered by the U.S. Bankruptcy Court on Dec. 19, 2003.
On January 5, 2004, the Office of the U.S. Trustee announced the selection of a Creditors' Committee for Solutia's chapter 11 proceedings. That committee, upon being formed and having chosen legal and financial advisors, requested that Solutia adjourn the hearing on final DIP financing to give the Creditors' Committee and its advisors time to study the proposed financing and to comment thereon. In light of Solutia's current liquidity of approximately $170 million (of which $140 million is in the United States), Solutia agreed to request a brief adjournment and the Court adjourned the hearing to Jan. 16.
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