Latest Lyondell Plan Proposes $2.8B Rights Issue

Law360, New York (December 15, 2009, 3:40 PM EST) -- LyondellBasell Industries AF SCA is seeking bankruptcy court approval for an amended reorganization plan that contemplates a $2.8 billion rights issue, even as it mulls a nonbinding cash offer from India’s Reliance Industries Ltd. for a controlling stake in the Dutch chemical giant.

The latest version of the plan, filed Friday in the U.S. Bankruptcy Court for the Southern District of New York, turns on the company's proposal that it will be able to raise $2.8 billion in cash pursuant to a rights offering and private...
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