Lyondell Creditors Get OK To Sue Over Basell Buyout

Law360, New York (July 22, 2009, 4:06 PM EDT) -- A bankruptcy judge has given creditors of Lyondell Chemical Co. the green light to proceed with a $22 billion damages suit against wealthy financier Leonard Blavatnik, the company's board of directors and a group of banks over the leveraged buyout of the company by Basell AF SCA.

In an oral order Tuesday, Judge Robert Gerber of the U.S. Bankruptcy Court for the Southern District of New York granted a motion by the official committee of unsecured creditors to pursue all of its claims and ordered the...
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