Lyondell Hit With New Noteholder Suit Over Merger

Law360, New York (October 2, 2009, 3:56 PM EDT) -- Holders of more than $1.3 billion in LyondellBasell Industries AF SCA senior notes issued in 2005 have sued the company for allegedly breaking their indenture agreement by subordinating their debt to finance Basell AF SCA's acquisition of now-bankrupt Lyondell Chemical Co.

The Wilmington Trust Co. filed an adversary complaint Thursday in the U.S. Bankruptcy Court for the Southern District of New York alleging that Basell violated the indenture agreement by taking on $20 billion in new senior debt to fund its completely leveraged buyout of Lyondell...
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