LyondellBasell Industries (LB) has reached an agreement that could help it emerge from Chapter 11. LB’s unsecured creditors swapped sides after being offered an extra US$150 mln worth of shares. Unseccured creditors, including bond holders, are estimated to hold around US$3 bln of debt and had unfalteringly supported Reliance Industries Ltd (RIL) as it contested with LB management to take control of the company.
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Wednesday, February 17, 2010
LyondellBasell could emerge from Chapter 11, RIL’s acquisition plans derailed
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