Exhibit 99
KIRKLAND & ELLIS LLP
Citigroup Center
153 East 53rd Street
New York, New York 10022-4675
Telephone: (212) 446-4800
Facsimile: (212) 446-4900
Richard M. Cieri (RC-6062)
Jonathan S. Henes (JH-1979)
Attorneys for the Debtors and Debtors in Possession
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
- --------------------------------------------------x
:
In re : Chapter 11
:
SOLUTIA INC., ET AL., : Case No. 03-17949 (PCB)
:
Debtors. : (Jointly Administered)
:
- --------------------------------------------------x
THIS MONTHLY OPERATING STATEMENT APPLIES TO:
X All Debtors Axio Research Corporation
- --- ---
Solutia Inc. Solutia Investments, LLC
- --- ---
Solutia Business Enterprises Inc. Beamer Road Management Company
- --- ---
Solutia Systems, Inc. Monchem, Inc.
- --- ---
Solutia Overseas, Inc. Solutia Inter-America, Inc.
- --- ---
CPFilms Inc. Solutia International Holding, LLC
- --- ---
Solutia Management Company, Inc. Solutia Taiwan, Inc.
- --- ---
Monchem International, Inc. Solutia Greater China, Inc.
- --- ---
MONTHLY OPERATING STATEMENT FOR THE
MONTH OF JUNE 2005 (1)
----------------------
<FN>
(1) The information contained in the Debtors' monthly operating report
(the "MOR") is unaudited and is limited to the time period
indicated and is presented in a format prescribed by the bankruptcy
court. The MOR does not purport to represent financial statements
prepared in accordance with GAAP nor is it intended to fully
reconcile to the financial statements filed by Solutia Inc. with
the Securities and Exchange Commission. Additionally, while every
effort has been made to assure its accuracy and completeness,
errors or omissions may have inadvertently occurred and the Debtors
reserve the right to amend their MOR as necessary.
1
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
- --------------------------------------------------x
:
In re : Chapter 11
:
SOLUTIA INC., ET AL., : Case No. 03-17949 (PCB)
:
Debtors. : (Jointly Administered)
:
- --------------------------------------------------x
MONTHLY OPERATING STATEMENT FOR THE
MONTH OF JUNE 2005
------------------
DEBTORS' ADDRESS: 575 Maryville Centre Dr.
St. Louis, MO 63141
DEBTORS' ATTORNEY: KIRKLAND & ELLIS LLP
Richard M. Cieri (RC-6062)
Jonathan S. Henes (JH-1979)
Citigroup Center
153 East 53rd Street
New York, New York 10022-4675
CURRENT MONTH NET INCOME ($M): $4
REPORT PREPARER: Timothy J. Spihlman
THIS OPERATING STATEMENT MUST BE SIGNED BY A REPRESENTATIVE OF THE DEBTORS
The undersigned, having reviewed the attached report and being familiar with
the Debtors' financial affairs, verifies under penalty of perjury, that the
information contained herein is complete, accurate and truthful to the best
of my knowledge.
DATE: August 1, 2005 /s/ Timothy J. Spihlman
-----------------------
Timothy J. Spihlman
Vice President and Controller
Indicate if this is an amended statement by checking here: _______
2
SOLUTIA INC., ET. AL.,
Case Nos. 03-17948 (PCB) through 03-17962 (PCB)
(Debtors in Possession)
MONTHLY DISBURSEMENTS BY DEBTOR
For the Month of June 2005
- --------------------------------------------------------------------------------
Solutia Inc. $ 206,120,178.04
- --------------------------------------------------------------------------------
Solutia Business Enterprises Inc.* $ --
- --------------------------------------------------------------------------------
Solutia Systems, Inc. $ 33,000.00
- --------------------------------------------------------------------------------
Solutia Overseas, Inc. * $ --
- --------------------------------------------------------------------------------
CPFilms Inc. $ 9,419,521.50
- --------------------------------------------------------------------------------
Solutia Management Company, Inc. * $ --
- --------------------------------------------------------------------------------
Monchem International, Inc. * $ --
- --------------------------------------------------------------------------------
Axio Research Corporation $ 26.44
- --------------------------------------------------------------------------------
Solutia Investments, LLC * $--
- --------------------------------------------------------------------------------
Beamer Road Management Company * $--
- --------------------------------------------------------------------------------
Monchem, Inc. * $ --
- --------------------------------------------------------------------------------
Solutia Inter-America, Inc. $ 27,265.16
- --------------------------------------------------------------------------------
Solutia International Holding, LLC * $--
- --------------------------------------------------------------------------------
Solutia Taiwan, Inc. $ 31,439.23
- --------------------------------------------------------------------------------
Solutia Greater China, Inc. * $ --
- --------------------------------------------------------------------------------
<FN>
* These non-operating debtors had no constructive disbursements made on
their behalf.
3
SOLUTIA INC., ET. AL.,
Case Nos. 03-17948 (PCB) through 03-17962 (PCB)
(Debtors in Possession)
STATEMENT ON INSURANCE
For the Month of June 2005
All insurance policy premiums due, including those for workers
compensation and disability insurance, have been paid and all the policies
remain in effect.
4
SOLUTIA INC., ET. AL.,
Case Nos. 03-17948 (PCB) through 03-17962 (PCB)
(Debtors in Possession)
SOLUTIA GROUP*
STATEMENT OF CONSOLIDATED OPERATIONS (UNAUDITED)
(DOLLARS IN MILLIONS)
SIX MONTHS
MONTH ENDED ENDED JUNE 30,
JUNE 30, 2005 2005
--------------------- -----------------
TOTAL NET SALES $ 246 $ 1,480
TOTAL COST OF GOODS SOLD 206 1,269
--------------------- -----------------
GROSS PROFIT 40 211
TOTAL MAT EXPENSE 24 139
--------------------- -----------------
OPERATING INCOME 16 72
EQUITY EARNINGS FROM AFFILIATES 5 35
INTEREST EXPENSE (7) (44)
OTHER INCOME, NET 1 6
REORGANIZATION ITEMS:
Professional fees (4) (24)
Employee severance and retention costs - (8)
Adjustment to allowed claim amounts - (11)
Settlements of pre-petition claims - 29
Other (1) (6)
--------------------- -----------------
(5) (20)
--------------------- -----------------
INCOME BEFORE TAXES 10 49
Income tax expense 4 14
--------------------- -----------------
NET INCOME $ 6 $ 35
===================== =================
See Accompanying Notes to Consolidated Financial Statements.
<FN>
* Includes non-U.S. subsidiaries of the Solutia Inc. corporate organization that did not commence Chapter 11 cases
5
SOLUTIA INC., ET. AL.,
Case Nos. 03-17948 (PCB) through 03-17962 (PCB)
(Debtors in Possession)
SOLUTIA GROUP*
STATEMENT OF CONSOLIDATED FINANCIAL POSITION (UNAUDITED)
AS OF JUNE 30, 2005
ASSETS (Dollars in
------ millions)
---------------
Cash $ 79
Trade Receivables, net 295
Inventories 245
Other Current Assets 102
---------------
TOTAL CURRENT ASSETS 721
Property, Plant and Equipment, net 802
Investments in Affiliates 200
Intangible Assets, net 112
Other Assets 131
---------------
TOTAL ASSETS $ 1,966
===============
LIABILITIES AND SHAREHOLDERS' DEFICIT
-------------------------------------
Accounts Payable $ 176
Short Term Debt 300
Other Current Liabilities 232
---------------
TOTAL CURRENT LIABILITIES 708
Long-Term Debt 251
Other Long-Term Liabilities 259
---------------
TOTAL LIABILITIES NOT SUBJECT TO COMPROMISE 1,218
LIABILITIES SUBJECT TO COMPROMISE 2,164
SHAREHOLDERS' DEFICIT (1,416)
---------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $ 1,966
===============
See Accompanying Notes to Consolidated Financial Statements.
<FN>
* Includes non-U.S. subsidiaries of the Solutia Inc. corporate organization that did not commence Chapter 11 cases
6
SOLUTIA INC., ET. AL.,
Case Nos. 03-17948 (PCB) through 03-17962 (PCB)
(Debtors in Possession)
SOLUTIA GROUP*
STATEMENT OF CONSOLIDATED CASH FLOWS (UNAUDITED)
(DOLLARS IN MILLIONS)
SIX MONTHS
MONTH ENDED ENDED JUNE 30,
JUNE 30, 2005 2005
-------------------- --------------------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Net income $ 6 $ 35
Depreciation and amortization 9 59
Restructuring expenses and other unusual items 1 (4)
Changes in assets and liabilities:
Trade receivables 17 (9)
Inventories 7 (6)
Accounts payable (11) (22)
Other assets and liabilities (6) (49)
-------------------- --------------------
NET CASH PROVIDED BEFORE REORGANIZATION ITEMS 23 4
OPERATING CASH FLOWS - REORGANIZATION ITEMS:
Professional services fees (3) (22)
Employee severance and retention payments - (6)
Other (1) (2)
-------------------- --------------------
NET CASH USED IN REORGANIZATION ITEMS (4) (30)
-------------------- --------------------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 19 (26)
==================== ====================
NET CASH USED IN INVESTING ACTIVITIES:
Property, plant and equipment purchases (6) (29)
Other investing activities 1 2
-------------------- --------------------
NET CASH USED IN INVESTING ACTIVITIES (5) (27)
==================== ====================
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES:
Net change in short-term debt obligations (10) -
Net change in cash collateralized letters of credit - 17
-------------------- --------------------
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (10) 17
==================== ====================
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 4 (36)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 75 115
-------------------- --------------------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 79 $ 79
==================== ====================
See Accompanying Notes to Consolidated Financial Statements.
<FN>
* Includes non-U.S. subsidiaries of the Solutia Inc. corporate organization that did not commence Chapter 11 cases
7
SOLUTIA INC., ET. AL.,
Case Nos. 03-17948 (PCB) through 03-17962 (PCB)
(Debtors in Possession)
SOLUTIA CHAPTER 11 DEBTORS
STATEMENT OF CONSOLIDATED OPERATIONS (UNAUDITED)
(DOLLARS IN MILLIONS)
SIX
MONTH MONTHS
ENDED ENDED
JUNE 30, JUNE 30,
2005 2005
-------------- -----------------
TOTAL NET SALES $ 196 $ 1,196
TOTAL COST OF GOODS SOLD 171 1,077
-------------- -----------------
GROSS PROFIT 25 119
TOTAL MAT EXPENSE 19 106
-------------- -----------------
OPERATING INCOME 6 13
EQUITY EARNINGS FROM AFFILIATES 6 38
INTEREST EXPENSE, NET (5) (30)
OTHER INCOME, NET 3 13
REORGANIZATION ITEMS:
Professional fees (4) (22)
Employee severance and retention costs - (8)
Adjustment to allowed claim amounts - (11)
Settlements of pre-petition claims - 29
Other (1) (6)
-------------- -----------------
(5) (18)
-------------- -----------------
INCOME BEFORE TAXES 5 16
Income Taxes 1 2
-------------- -----------------
NET INCOME $ 4 $ 14
============== =================
See Accompanying Notes to Consolidated Financial Statements.
8
SOLUTIA INC., ET. AL.,
Case Nos. 03-17948 (PCB) through 03-17962 (PCB)
(Debtors in Possession)
SOLUTIA CHAPTER 11 DEBTORS
STATEMENT OF CONSOLIDATED FINANCIAL POSITION (UNAUDITED)
AS OF JUNE 30, 2005
ASSETS (Dollars in
------ millions)
---------------
Cash $ 12
Trade Receivables, net 153
Account Receivables-Unconsolidated Subsidiaries 50
Inventories 150
Other Current Assets 69
---------------
TOTAL CURRENT ASSETS 434
Property, Plant and Equipment, net 677
Investments in Subsidiaries and Affiliates 528
Intangible Assets, net 101
Other Assets 85
---------------
TOTAL ASSETS $ 1,825
===============
LIABILITIES AND SHAREHOLDERS' DEFICIT
-------------------------------------
Accounts Payable $ 137
Short Term Debt 300
Other Current Liabilities 156
---------------
TOTAL CURRENT LIABILITIES 593
Other Long-Term Liabilities 208
---------------
TOTAL LIABILITIES NOT SUBJECT TO COMPROMISE 801
LIABILITIES SUBJECT TO COMPROMISE 2,271
SHAREHOLDERS' DEFICIT (1,247)
---------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $ 1,825
===============
See Accompanying Notes to Consolidated Financial Statements.
9
SOLUTIA INC., ET. AL.,
Case Nos. 03-17948 (PCB) through 03-17962 (PCB)
(Debtors in Possession)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. NATURE OF OPERATIONS AND BANKRUPTCY PROCEEDINGS
Nature of Operations
Solutia Inc., together with its subsidiaries (referred to herein as
"Solutia", the "Solutia Group" or the "Company"), is a global manufacturer
and marketer of a variety of high-performance chemical-based materials.
Solutia is a world leader in performance films for laminated safety glass
and after-market applications; specialty products such as water treatment
chemicals, heat transfer fluids and aviation hydraulic fluids; and an
integrated family of nylon products including high-performance polymers and
fibers.
Prior to September 1, 1997, Solutia was a wholly-owned subsidiary
of the former Monsanto Company (now known as Pharmacia Corporation, a
wholly-owned subsidiary of Pfizer, Inc.). On September 1, 1997, Pharmacia
distributed all of the outstanding shares of common stock of Solutia as a
dividend to Pharmacia stockholders (the "spinoff"). As a result of the
spinoff, on September 1, 1997, Solutia became an independent publicly held
company and its operations ceased to be owned by Pharmacia. A net deficiency
of assets of $113 million resulted from the spinoff.
Proceedings Under Chapter 11 of the Bankruptcy Code
On December 17, 2003, Solutia Inc. and its 14 U.S. subsidiaries
(collectively, "Debtors") filed voluntary petitions for reorganization under
Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the
Southern District of New York. The cases were consolidated for the purpose
of joint administration and were assigned case number 03-17949 (PCB).
Solutia's subsidiaries outside the United States were not included in the
Chapter 11 filing.
The filing was made to restructure Solutia's balance sheet by
reducing indebtedness to appropriate levels, to streamline operations and
reduce costs, in order to allow Solutia to emerge from Chapter 11 as a
viable going concern, and to obtain relief from the negative financial
impact of liabilities for litigation, environmental remediation and certain
postretirement benefits and liabilities under operating contracts, all of
which were assumed by Solutia at the time of the spinoff (collectively,
"legacy liabilities"). These factors, combined with the weakened state of
the chemical manufacturing sector, general economic conditions and
continuing high, volatile energy and crude oil costs have been an obstacle
to Solutia's financial stability and success.
Under Chapter 11, Solutia is operating its businesses as a
debtor-in-possession ("DIP") under bankruptcy court protection from
creditors and claimants. Since the Chapter 11 filing, all orders sufficient
to enable Solutia to conduct normal business activities, including the
approval of Solutia's DIP financing, have been entered by the bankruptcy
court. While Solutia is subject to Chapter 11, all transactions not in the
ordinary course of business require the prior approval of the bankruptcy
court.
As a consequence of the Chapter 11 filing, pending litigation
against Solutia is generally stayed, and no party may take any action to
collect its pre-petition claims except pursuant to an order of the
bankruptcy court. November 30, 2004 was the last date by which holders of
pre-petition claims against
10
the Debtors could file proofs of claim with respect to such claims. Any
holder of a claim that was required to file a proof of claim by November 30,
2004, and did not do so, may be barred from asserting such claim against the
Debtors and, accordingly, may not be able to participate in any distribution
with respect to such claim. Differences between claim amounts identified by
the Debtors and proofs of claim filed by claimants will be investigated and
resolved in connection with the Debtors' claims resolution process, and only
holders of claims that are ultimately allowed for purposes of the Chapter 11
case will be entitled to distributions. Solutia has not yet fully completed
its analysis of all the proofs of claim. Because the settlement terms of
allowed claims are subject to a confirmed plan of reorganization, the
ultimate distribution with respect to allowed claims is not presently
ascertainable.
On June 7, 2005, Solutia reached an agreement-in-principle with
Monsanto Company ("Monsanto") and the Official Committee of Unsecured
Creditors in Solutia's Chapter 11 case (the "Unsecured Creditors'
Committee") that will serve as a framework for Solutia's plan of
reorganization. The agreement-in-principle is subject to the negotiation of
definitive documents, approval by Solutia's board of directors and various
other conditions and contingencies, some of which are not within the control
of Solutia, Monsanto or the Unsecured Creditors' Committee. Until a plan of
reorganization consistent with the terms of the agreement-in-principle is
confirmed by the bankruptcy court, the terms of the agreement-in-principle
are not binding upon any party.
Under the agreement-in-principle, Solutia would emerge from
bankruptcy as an independent publicly held company. The
agreement-in-principle provides for $250 million of new investment in a
reorganized Solutia which would be used to pay retiree benefits to those who
retired prior to the spinoff, certain environmental remediation obligations
of Solutia and other legacy liabilities. The $250 million would be raised in
a rights offering to Solutia's unsecured creditors. Monsanto would be
obligated to backstop the rights offering, exercising any rights not
exercised by the unsecured creditors.
The agreement-in-principle also provides that Monsanto would pay
environmental remediation costs at sites that have not been owned or
operated by Solutia, and to which waste has not been sent, since the
spinoff, provides a mechanism for sharing between Monsanto and Solutia
responsibility for environmental liabilities at certain sites adjacent to
the Anniston, Alabama and Sauget, Illinois plant locations, and provides that
Monsanto would contribute $107 million, less certain expenses incurred, and
litigation settlement costs paid, by Monsanto during the course of Solutia's
Chapter 11 case, to make distributions to the holders of certain unsecured
claims, including current tort and other legacy litigation claims. The
agreement-in-principle provides that Solutia will continue to pay its annual
installment and education fund obligations relating to the August 2003
Anniston polychlorinated biphenyls ("PCBs") settlement and education fund
obligations relating to the Anniston Partial Consent Decree.
The agreement-in-principle provides for pay-off of Solutia's
secured debt and debtor-in-possession financing from an exit financing
package to be arranged by Solutia and does not require termination of
Solutia's pension plans. However, the agreement-in-principle does not
provide for distributions to the holders of Solutia's existing equity.
Solutia's existing shares of common stock, as well as options and warrants
to purchase its common stock, would be cancelled and holders of Solutia's
common stock, including options and warrants to purchase Solutia's common
stock, would receive no consideration for that stock or those options and
warrants. Although the agreement-in-principle does not provide for any
distributions to holders of Solutia's existing equity, the Official
Committee of Equity Security Holders in Solutia's bankruptcy case has filed
a complaint against Pharmacia and Monsanto and an objection to the proofs of
claim filed by Monsanto and Pharmacia in Solutia's bankruptcy, arguing that
holders of Solutia's existing equity are entitled to some form of
distribution.
Although the agreement-in-principle provides for distributions of
common stock in a reorganized Solutia to holders of allowed unsecured
claims, Solutia is unable to predict what recovery its plan of
11
reorganization will provide to these holders of unsecured claims. The
ultimate ownership interests in the reorganized Solutia held by Monsanto and
other holders of unsecured claims will depend on, among other factors, the
amount of allowed unsecured claims in the bankruptcy case and the number of
rights exercised by unsecured creditors in the rights offering.
Prior to exiting from Chapter 11, the bankruptcy court must confirm
a plan of reorganization that satisfies the requirements of the U.S.
Bankruptcy Code. As provided by the U.S. Bankruptcy Code, Solutia had the
exclusive right to propose a plan of reorganization for 120 days following
the Chapter 11 filing date. The bankruptcy court has subsequently approved
several extensions of the exclusivity period, the most recent of which is
set to expire on October 10, 2005. Although Solutia expects to receive
further extensions of the exclusivity period, no assurance can be given that
any such future extension requests will be granted by the bankruptcy court.
Solutia plans to file with the bankruptcy court a plan of
reorganization and disclosure statement consistent with the terms of the
agreement-in-principle that provide for Solutia's emergence from bankruptcy
as a going concern. There can be no assurance, however, that such a plan of
reorganization would be confirmed by the bankruptcy court or that such plan
would be implemented successfully.
Basis of Consolidation
The consolidated financial statements of the Solutia Group include
the accounts of Solutia Inc. and its majority-owned U.S. and non-U.S.
subsidiaries. The non-U.S. subsidiaries did not commence Chapter 11 cases.
The consolidated financial statements of the Solutia Chapter 11 Debtors
include the accounts of Solutia Inc. and its majority-owned U.S.
subsidiaries, with investments in non-U.S. subsidiaries accounted for on the
cost basis. In each case, all significant intercompany transactions and
balances have been eliminated in consolidation. Companies in which Solutia
has a significant interest but not a controlling interest are accounted for
under the equity method of accounting and included in investments in
subsidiaries and affiliates in the statement of consolidated financial
position. Solutia's proportionate share of these companies' net earnings or
losses is reflected in equity earnings (loss) from affiliates in the
consolidated statement of operations. In accordance with Financial
Accounting Standards Board Interpretation No. 46, Consolidation of Variable
Interest Entities, variable interest entities in which Solutia is the
primary beneficiary are consolidated within the consolidated financial
statements.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles in the United States of America have been condensed or
omitted for purposes of this Operating Report. The consolidated statement of
operations for any interim period is not necessarily indicative of the
results that may be expected for a quarter, full year, or any future interim
period.
Liquidity
At June 30, 2005, total liquidity for the Solutia Group was
approximately $212 million, consisting of $79 million of cash and DIP
facility availability of $133 million. At June 30, 2005, total liquidity for
the Solutia Chapter 11 Debtors was approximately $145 million, consisting of
$12 million of cash and DIP facility availability of $133 million.
2. SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies are consistent with those
listed in the Company's 2004 Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 10, 2005.
12
3. SUPPLEMENTAL INFORMATION - STATEMENT OF CONSOLIDATED CASH FLOWS
Restructuring Expenses and Other Unusual Items
Month Ended June 30, 2005
- -------------------------
Restructuring expenses and other unusual items included in the
consolidated statement of operations and the statement of consolidated cash
flows for the month ended June 30, 2005 include approximately $1 million of
severance related costs.
Six Months Ended June 30, 2005
- ------------------------------
Restructuring expenses and other unusual items included in the
consolidated statement of operations and the statement of consolidated cash
flows for the six months ended June 30, 2005 consisted of a one-time,
non-operational gain of approximately $5 million incurred by one of
Solutia's equity affiliates and approximately $1 million of severance
related costs.
4. SUPPLEMENTAL INFORMATION -SOLUTIA GROUP YEAR-TO-DATE RESULTS OF OPERATIONS
Net sales increased $136 million, or 10 percent, as compared to the
six months ended June 30, 2004 which was primarily a result of higher
average selling prices of approximately 13 percent and favorable currency
exchange rate fluctuations of approximately 1 percent, partially offset by
lower sales volumes of approximately 4 percent. Operating income improved by
$116 million as compared to the six months ended June 30, 2004 which
resulted primarily from higher net sales and lower charges, partially offset
by higher raw material and energy costs.
13
SOLUTIA INC., ET. AL.,
Case Nos. 03-17948 (PCB) through 03-17962 (PCB)
(Debtors in Possession)
SOLUTIA CHAPTER 11 DEBTORS
SCHEDULE OF FEDERAL, STATE AND LOCAL TAXES COLLECTED, WITHHELD OR PAID
MONTH ENDED JUNE 30, 2005
PRE-PETITION POST-PETITION TOTAL
AMOUNT AMOUNT AMOUNT
-------------------- ---------------------- ----------------------
1. GROSS SALARIES AND WAGES - 19,384,372.30 19,384,372.30
2. PAYROLL TAXES WITHHELD - 4,765,626.80 4,765,626.80
3. EMPLOYER PAYROLL TAX CONTRIBUTED - 1,485,179.19 1,485,179.19
4. GROSS TAXABLE SALES - 1,155,441.70 1,155,441.70
5. SALES TAXES COLLECTED - 273,968.05 273,968.05
6. PROPERTY TAXES PAID - 701,587.57 701,587.57
7. OTHER TAXES PAID - 155,352.30 155,352.30
14
SOLUTIA INC., ET. AL.,
Case Nos. 03-17948 (PCB) through 03-17962 (PCB)
(Debtors in Possession)
SOLUTIA CHAPTER 11 DEBTORS
SCHEDULE OF FEDERAL, STATE AND LOCAL TAXES COLLECTED, WITHHELD OR PAID
MONTH ENDED JUNE 30, 2005
DATES AND AMOUNTS PAID TO TAXING AGENCIES (ITEMS 2, 3, 5, 6, 7)
PRE-PETITION POST-PETITION TOTAL ITEM
DEBTOR ENTITY DATE AMOUNT AMOUNT AMOUNT TYPE OF TAX NUMBER
- ------------------------------------------------------------------------------------------------------------------------------------
Solutia Inc. 06/01/05 - 128,185.13 128,185.13 Employee Payroll Taxes 2
Solutia Inc. 06/02/05 - 73,125.35 73,125.35 Employee Payroll Taxes 2
Solutia Inc. 06/03/05 - 165,271.40 165,271.40 Employee Payroll Taxes 2
Solutia Inc. 06/08/05 - 103,620.78 103,620.78 Employee Payroll Taxes 2
Solutia Inc. 06/09/05 - 192,007.31 192,007.31 Employee Payroll Taxes 2
Solutia Inc. 06/10/05 - 391,043.72 391,043.72 Employee Payroll Taxes 2
Solutia Inc. 06/15/05 - 1,557,592.54 1,557,592.54 Employee Payroll Taxes 2
Solutia Inc. 06/16/05 - 70,232.51 70,232.51 Employee Payroll Taxes 2
Solutia Inc. 06/17/05 - 30,504.21 30,504.21 Employee Payroll Taxes 2
Solutia Inc. 06/20/05 - 126.66 126.66 Employee Payroll Taxes 2
Solutia Inc. 06/22/05 - 105,306.83 105,306.83 Employee Payroll Taxes 2
Solutia Inc. 06/23/05 - 190,737.88 190,737.88 Employee Payroll Taxes 2
Solutia Inc. 06/24/05 - 157,597.01 157,597.01 Employee Payroll Taxes 2
Solutia Inc. 06/27/05 - 813.12 813.12 Employee Payroll Taxes 2
Solutia Inc. 06/28/05 - 47.19 47.19 Employee Payroll Taxes 2
Solutia Inc. 06/29/05 - 100,486.90 100,486.90 Employee Payroll Taxes 2
Solutia Inc. 06/30/05 - 1,564,343.28 1,564,343.28 Employee Payroll Taxes 2
Solutia Inc. 06/01/05 - 27,110.90 27,110.90 Employer Payroll Taxes 3
Solutia Inc. 06/02/05 - 22,185.33 22,185.33 Employer Payroll Taxes 3
Solutia Inc. 06/03/05 - 38,471.29 38,471.29 Employer Payroll Taxes 3
Solutia Inc. 06/08/05 - 29,509.25 29,509.25 Employer Payroll Taxes 3
Solutia Inc. 06/09/05 - 62,865.52 62,865.52 Employer Payroll Taxes 3
Solutia Inc. 06/10/05 - 76,479.64 76,479.64 Employer Payroll Taxes 3
Solutia Inc. 06/15/05 - 527,786.46 527,786.46 Employer Payroll Taxes 3
Solutia Inc. 06/16/05 - 21,544.45 21,544.45 Employer Payroll Taxes 3
Solutia Inc. 06/17/05 - 130,971.95 130,971.95 Employer Payroll Taxes 3
Solutia Inc. 06/20/05 - 60.63 60.63 Employer Payroll Taxes 3
Solutia Inc. 06/22/05 - 29,742.62 29,742.62 Employer Payroll Taxes 3
Solutia Inc. 06/23/05 - 62,760.39 62,760.39 Employer Payroll Taxes 3
Solutia Inc. 06/24/05 - 36,216.76 36,216.76 Employer Payroll Taxes 3
Solutia Inc. 06/27/05 - 196.68 196.68 Employer Payroll Taxes 3
Solutia Inc. 06/28/05 - 29.18 29.18 Employer Payroll Taxes 3
Solutia Inc. 06/29/05 - 29,190.68 29,190.68 Employer Payroll Taxes 3
Solutia Inc. 06/30/05 - 526,951.92 526,951.92 Employer Payroll Taxes 3
Solutia Inc. 06/15/05 - 4,996.20 4,996.20 Sales/Use 5
Solutia Inc. 06/17/05 - 34,648.14 34,648.14 Sales/Use 5
Solutia Inc. 06/20/05 - 170,638.30 170,638.30 Sales/Use 5
CP Films Inc. 06/30/05 - 61,972.35 61,972.35 Sales 5
CP Films Inc. 06/30/05 - 1,713.06 1,713.06 Use 5
Solutia Inc. 06/28/05 - 701,587.57 701,587.57 Property Tax 6
Solutia Inc. 06/14/05 - 14,364.30 14,364.30 Consultant Commission IL 7
CP Films, Inc. 06/15/05 - 27,000.00 27,000.00 Other- Income 7
Solutia Systems, Inc. 06/15/05 - 33,300.00 33,300.00 Other- Income 7
Solutia Inc. 06/23/05 - 44,618.00 44,618.00 Business License 7
Solutia Inc. 06/29/05 - 15.00 15.00 Annual Report 7
Solutia Inc. 06/29/05 - 305.00 305.00 Annual Report 7
Solutia Inc. 06/29/05 - 750.00 750.00 IRS Form 2290 7
CP Films, Inc. 06/30/05 - 35,000.00 35,000.00 Other- Income 7
15