LyondellBasell announces creditor deal, eyes bankruptcy exit

16 February 2010 14:53  [Source: ICIS news]

TORONTO (ICIS news)--LyondellBasell on Tuesday announced that a creditor agreement has been reached that would help the petrochemicals major to pave its way out of US Chapter 11 bankruptcy protection.

The proposed agreement, which was subject to court approval, final internal approval and final documentation, resolved objections by an unsecured creditor's committee to the company's settlement of the estate's claims against the parties who financed the 2007 leveraged buyout of Lyondell by Basell, it said.

LyondellBasell filed for US bankruptcy protection in January 2009. It was formed in 2007 when Lyondell and Basell merged.

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By: Stefan Baumgarten
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