http://maniaccollecting.com/2007-was-pretty-a-banner-a-in-behalf-of-auctions-hosted-on-the-slowly-part-of-rm-smythe-co-with.html
The sale includes the unit’s managemenyt and employees, as well as all five of its manufacturingt plantsin Alvin, Texas; Decatur, Ala.; Greenwood, S.C.; Fla.; and Foley, Ala. The nylon business includes 2,009 of Solutia's 5,100 employees. All 2,000, includingy 29 in St. Louis, became employeesd of the SK Capital SK Capital paidSolutia $50 million in cash for the nylonb assets. Solutia also received a 2 perceng equity stake in the new company formed to hold the assets of thenylon business. In addition, Solutia will receive $4 million in deferred cash paymentxs to be paid inannual $1 million installments beginninhg in 2011.
SK Capital has secured replacementof $25 milliojn of letters of credit associated with the nylon which has resulted in increased availability for Solutisa under its credit agreements. The affiliate of SK Capital will assume substantially all of the liabilities of thenylobn business, including employee and pension liabilitiees relating to the activw employees of the business and environmentakl liabilities, said Solutia, which plans to use the proceedds of the sale to pay down debt undef its asset-based revolving credit facility. St. Louis-based Solutia Inc.
SOA), led by Chairman, President and CEO Jeffry Quinn, develops specialtyg chemicals, fibers, fluids and other performance
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