Lyondell Creditors Seek Suit Over Basell Merger

Law360, New York (June 17, 2009, 12:00 AM EDT) -- Creditors of bankrupt Lyondell Chemical Co. are seeking court permission to sue billionaire financier Leonard Blavatnik, the company's board of directors and certain banks for allegedly burdening Lyondell with too much debt in a recent merger deal.

In a motion filed Monday in the U.S. Bankruptcy Court for the Southern District of New York, the official committee of unsecured creditors sought permission to bring fraudulent conveyance and breach of fiduciary duty claims, among others, resulting from the leveraged buyout and acquisition of Lyondell by Basell AF...
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