Tag Archives | Apollo

lyondellleft.jpg

$26bn LyondellBasell restructuring hits legal minefield

Vita’s restructuring was relatively simple from a legal point of view, as it just involved European rules. But Lyondell Chemical’s bankruptcy filing last month under the US Chapter 11 process seems to have thrown up some very complex legal issues. This is because it involves two different sets of bond-holders – those who bought the […]

Continue Reading
lyondellleft.jpg

LyondellBasell may be largest-ever bankruptcy

The financial fallout from the Lyondell (LBI) bankruptcy continues, as the banks slowly begin to acknowledge their losses. According to Bloomberg, RBS has taken a $1.47bn hit, Citigroup $1.4bn, and Goldman Sachs $850m. UBS are also believed to have lost at least $500m. But like Bank of America (new owners of Merrill Lynch), they have […]

Continue Reading