US court names examiner for Lyondell bankruptcy

30 October 2009 21:44  [Source: ICIS news]

HOUSTON (ICIS news)--A US court on Friday named Jack Williams as the examiner in the bankruptcy case of Lyondell Chemical.

Williams is a professor of law at Georgia State University. He had also been a resident scholar at the American Bankruptcy Institute.

As examiner, Williams will conduct a limited review of certain aspects of the Lyondell bankruptcy.

That includes reviewing the selection of a sponsor for Lyondell's proposed stock offering, according to court documents. Lyondell has yet to choose a sponsor.

Williams will also review Lyondell's decision on whether it should refinance its bankruptcy loans. Finally, he will review the litigation reserve proposed in Lyondell's reorganisation plan.

Williams should complete his review within 30 days, according to court documents.

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By: Al Greenwood
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