Lyondell Reaches Deal In Suit Over Basell Buyout

Law360, New York (December 8, 2009, 6:20 PM EST) -- Lyondell Chemical Co. has swooped in to settle a suit its committee of unsecured creditors brought against a group of banks over the leveraged buyout of the bankrupt company by Basell AF SCA, in a move the creditors' lawyer described as an "abomination."

The company announced the proposed settlement — which will give unsecured creditors a cash payment of $300 million when Lyondell exits Chapter 11 — in the U.S. Bankruptcy Court for the Southern District of New York on Friday.

Lyondell was able to settle...
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