Former Lyondell Execs Blast Proposed Benefits Cuts

Law360, New York (August 7, 2009, 1:03 PM EDT) -- Several former executives of bankrupt Lyondell Chemical Co. affiliates have objected to the company’s attempt to terminate a number of executive benefit plans, including enhanced health coverage, company-sponsored life insurance policies and supplemental pensions.

Former executives Brian Gittings, Richard W. Park, Jeffrey R. Pendergraft and Debra L. Starnes filed their objection Thursday in the U.S. Bankruptcy Court for the Southern District of New York, claiming that each has promises of benefits in settlements with the company that cannot be rejected under Chapter 11 procedures.

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