Lyondell hearing on DIP facility refinancing rescheduled for Oct. 26

By Alice Popovici

New York, Oct. 13 - Lyondell Chemical Co.'s hearing on forcing the company to refinance its debtor-in-possession facility was adjourned to Oct. 26, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The hearing was originally scheduled for Oct. 14.

As previously reported, the company's official committee of unsecured creditors asked the court to appoint an examiner to investigate its "selection of a conflicted rights offering sponsor," its refusal to refinance its debtor-in-possession facility and its refusal to propose a reorganization plan that includes a reserve for unsecured creditors pending resolution of a committee lawsuit.

The committee has said Lyondell is forced to reorganize quickly because of the impending maturity of the DIP facility imposed by the lawsuit defendants.

Lyondell is a U.S. subsidiary of LyondellBasell Industries AF SCA, a Netherlands-based polymer, petrochemicals and fuels company. LyondellBasell's U.S. operations and one of its European holding companies filed for bankruptcy on Jan. 6, 2009. The Chapter 11 case number is 09-10023.

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