Solutia seeks solution to debt restructuring
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Specialty chemical maker Solutia began discussions last month with bondholders over a restructuring of the firm’s $1.25 billion debt. The firm also hired bankers Rothschild and law firm Gibson, Dunn & Crutcher to liaise with bondholders and help address the company’s financial issues.
Solutia has $150 million in debt puttable in October 2004 and €200 million due in 2005, plus longer-term debt that includes $223 million 2009 and $300 million 2027 notes.
“The company offered no details on the
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