08 January 2010 09:09 [Source: ICIS news]
By Malini Hariharan
“This is $1.5bn higher than its earlier valuation. Reliance has written to LyondellBasell about this. It is also looking at participating in an equity issue that LyondellBasell has planned,” the source said.
LyondellBasell, whose ?xml:namespace>
LyondellBasell has said that it had received substantial creditor support for its plan to reorganise the company and come out of
“But unsecured creditors have not supported the plan as they are getting virtually nothing,” the source said.
Unsecured creditors of Lyondell Chemical, which is among the
“It is a fluid situation and Reliance is playing it by the ear. There is no point in quoting high from day one; it is a strategy,” said the source.
The source added that Reliance was waiting for the outcome of a
“If the court allows this then Reliance will have to wait. Unsecured creditors also want a say in LyondellBasell’s reorganization and the court has to decide on this,” he added.
($1 = €0.70)
Please visit the complete ICIS plants and projects database
To discuss issues facing the chemical industry go to ICIS connect
Read John Richardson and Malini Hariharan’s blog – Asian Chemical Connections
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections