| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers L > Headlines for Lyondell Chemical Co. > News item |
Lyondell granted extension to file plan; examiner's role is completed
By Lisa Kerner
Charlotte, N.C., Jan. 19 - Lyondell Chemical Co.'s motion "to retain the exclusive right to design a confirmable plan of reorganization through April 15" was approved by the U.S. Bankruptcy Court for the Southern District of New York at a hearing on Tuesday, according to David A. Harpole, director of public affairs, LyondellBasell Industries.
"We continue to work with all parties to design a confirmable plan of reorganization that maximizes value for our creditors and enhances the financial stability of the reorganized company," said Harpole.
Also on Tuesday, the court ruled that the Chapter 11 examiner fulfilled his mandate and "has no further role to play in this case," Harpole said.
"The examiner previously concluded that we have acted fairly and in accordance with our fiduciary duties and this was again affirmed in court today," said Harpole.
As previously reported, in December Lyondell's official committee of unsecured creditors asked the court to expand the scope of the examiner's investigation to ensure fair treatment of investment proposals from strategic investors such as Reliance Industries Ltd.
The creditors also asked the court to discontinue adequate protection payments for the first-lien lenders under the company's debtor-in-possession facility.
Harpole said the court's decision on Tuesday not to intervene in the adequate protection issue is favorable to Lyondell because "other options could create issues for our DIP financing that we are committed to avoiding."
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.