Solutia Final Debtor-in-Possession Hearing Scheduled for Jan. 16, 2004

Date: 13 January 2004
Source: Solutia

Date: 13 January 2004

Solutia Inc. announced that the U.S. Bankruptcy Court hearing on its application for approval of final debtor-in-possession ("DIP") financing, originally scheduled for Jan. 9, has been adjourned to 11 a.m. on Jan. 16.

An order approving interim DIP financing was entered by the U.S. Bankruptcy Court on Dec. 19, 2003.

On Jan. 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.

As a result of the interim DIP approval, Solutia has received expressions of interest in providing final DIP financing from a number of financial institutions which had previously elected not to submit a financing proposal to the Company. These expressions of interest contemplate a financing which appears to be on more favorable terms to Solutia than that currently proposed by the existing DIP lenders. As required by its fiduciary duties under the Bankruptcy Code, Solutia intends to use the time leading up to the final hearing on Jan. 16 to investigate such possibilities to determine if there are alternative financing arrangements available on the required timetable which are more favorable to it than the currently proposed DIP financing with the interim DIP lenders and to then seek Court approval on Jan. 16 of the best final DIP financing available to it.
600450 Solutia Final Debtor-in-Possession Hearing Scheduled for Jan. 16, 2004 glassonweb.com

See more news about:

Others also read

MORE...

R.O. has designed and produced a powerful Parametric Shape management system
The glass sector has the increasingly widespread requirement of having an unlimited catalogue of parametric shapes and creating new ones in a simple way without being an expert in the field.
Shoaib Akhtar to endorse Asahi Glass
Shoaib Akhtar is going to be back on Indian TV screens. He is going to be featured in the new TV ad campaign for Asahi Glass.
Glass Confusion to start Beginning Fusing Classes
Glass Confusion is starting the New Year with Beginning Fused Glass group classes. The three-week course will be held Wednesdays from 10 a.m. to 1 p.m. and again from 5 p.m. to 9 p.m.
DisplaySearch: Global glass-substrate capacity to grow 40% each quarter
Worldwide glass-substrate capacity is expected to continue to grow more than 40% each quarter through 2005, as a result of capacity expansion by existing glass-substrate suppliers and new companies joining the market, according to DisplaySearch.
Western Pennsylvania glass industry going the way of steel
Western Pennsylvania’s once-thriving glassmaking industry is dwindling, as did the domestic steel industry and for many of the same reasons: competition and cost.
Barcelona: world’s first ‘UV-breathable’ laminated glass
Architects Robert and Esteve Terradas of Barcelona describe the city’s newly-renovated and expanded (45,000 m2) Science Museum (completed September 2004) as "a living museum that will set new standards in terms of transparency - a very modern construction that will enable the plants and animals inside to really live and breathe." The project was made possible by the use of an innovative grade of DuPont™ SentryGlas© Plus™ structural interlayer that is "UV-breathable, on the flat roof of an Amazonian rainforest exhibit".The UV-breathable 938 m2 laminated glass roof is rectangular in shape.

Add new comment