Solutia (SOLQ.OB) “Flexsys” its Muscles with Acquisition and Court Ruling
Since 2003, Solutia Inc. (OTC BB: SOLQ) has trudged its way through bankruptcy hearings and the drawing of blueprints for a reorganization plan that will hopefully assist in a successful emergence from Chapter 11 protection. Paired with a bankruptcy judge’s latest ruling and its recent acquisition of the remaining stake of Flexsys may prove a wise move. The company filed for bankruptcy through the Southern District of New York in December 2003 and faces quite a lengthy list of creditors. Tuesday, Judge Prudence Carter Beatty ruled Solutia’s 7.375 percent notes due in October 2027 and its 6.72 percent notes due…