12 March 2010 03:28 [Source: ICIS news]
SINGAPORE (ICIS news)--Lyondell Chemical plans to raise $3.25bn (€2.37bn) through a combination of private placement of secured notes and term loans as it prepares to emerge from bankruptcy protection, the company said on Friday.
The fresh funds, along with proceeds from the company’s $2.8bn rights offering and those from a new European securitization facility, would be used to partly repay the company’s existing debts, the company said.
On Thursday, the ?xml:namespace>
The company, which filed for bankruptcy protection in January 2009, has until 15 April to gather enough support for its reorganisation plan, based on court documents.
Lyondell could present its plan to the US court as early as 23 April for confirmation and finally exit bankruptcy.
($1 = €0.73)
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|