Judge Allows $40M Payments To Lyondell Lenders

By Samuel Howard

Law360, New York (January 29, 2010, 3:21 PM ET) -- The bankruptcy judge overseeing the Chapter 11 reorganization of Lyondell Chemical Co. has rejected a bid to end adequate protection payments equaling $40 million a month that creditors contend unfairly funnel hundreds of millions of dollars from the estate to first-lien lenders.

Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York on Thursday denied the request by the official committee of unsecured creditors to alter the final debtor-in-possession order, but said Lyondell could renew the request if it wants...
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