12 March 2010 05:21 [Source: ICIS news]
(adds details on creditors’ support, deadline for exercising rights offering)
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, its parent company LyondellBasell 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.
LyondellBasell was formed on 20 December 2007 from the merger of Lyondell Chemical Co and Basell.
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In a separate statement, LyondellBasell said that some of its creditors had agreed to support the proposed reorganisation of the company.
Voting on the plan, as well as participation to the $2.8bn rights offering started on 11 March upon getting the court approvals, the company said.
Rights should be exercised on 15 April, LyondellBasell said.
Lyondell could present its plan to the
With additional reporting by Nurluqman Suratman
($1 = €0.73)
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