Solutia announced 23 Jan that the date of its confirmed plan of reorganization & its emergence from Chapter 11 would be delayed from 25 Jan. As previously disclosed, Solutia's plan of reorganization is subject to numerous closing conditions, including entering into an exit financing facility. The lead arrangers of Solutia's exit financing (Citigroup Inc. & certain of its affiliates, Goldman Sachs, Deutsche Bank Trust Co Americas & Deutsche Bank Securities) informed Solutia that, in their view, due to continuing conditions in the credit markets, they have not been able to complete the exit financing they committed to 25/10/07. This exit financing consists of a US$ 1.2BN senior secured term loan facility, a US$ 400M senior secured asset-based revolving credit facility & US$ 400M aggregate principal amount of senior unsecured notes.
