Filtraglass
Falorni Tech Glass Melting Technology
Banner

Solutia gets commitment to increase DIP financing

Solutia Inc., a manufacturer and provider of interlayers for laminated glass, aftermarket window films, specialty chemicals and nylon products, announced 15 December 2006 that it has received a fully …

Solutia Inc., a manufacturer and provider of interlayers for laminated glass, aftermarket window films, specialty chemicals and nylon products, announced 15 December 2006 that it has received a fully underwritten commitment for USD 1.075 billion of debtor-in-possession (DIP) financing, maturing 31 March 2008. This represents a USD 250 million increase and a one-year extension over Solutia“s current DIP financing. The increased availability under the DIP financing provides Solutia with further liquidity for operations and the ability to fund mandatory pension payments that fall due in 2007. The DIP financing can be repaid by Solutia at any time without prepayment penalties. Citigroup is acting as lead arranger. The amendment requires the approval of the United States Bankruptcy Court for the Southern District of New York.

Sign up for free to the glassOnline.com daily newsletter

Subscribe now to our daily newsletter for full coverage of everything you need to know about the world glass industry!

We don't send spam! Read our Privacy Policy for more information.

Share this article
Related news