15 December 2009 08:00 [Source: ICIS news]
By Malini Hariharan
MUMBAI (ICIS news)--India’s Reliance Industries is likely to wait for the outcome of a US Bankruptcy Court hearing scheduled to start later on Tuesday before deciding on a final bid for LyondellBasell, a source close to the development told ICIS news.
“That will give more clarity. If the revised plan is accepted, then there is not much scope for Reliance [participation] unless the current management wants to bring in Reliance,” the source said.
LyondellBasell filed last week a revised reorganization plan, which includes a $2.8bn (€1.9bn) rights issue. At the court hearing, the company is expected to request ample time to gather votes for its plan up to 6 September 2010.
The Indian conglomerate, however, still has a chance since creditors were not happy with LyondellBasell’s revised plan, the source said.
“Once Reliance is allowed to do due diligence then it can take a call on submitting its plan for LyondellBasell. Last week’s meetings were not very fruitful as not much information was shared,” he added.
($1 = €0.68)
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