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.
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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)
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