Lyondell Wins Approval Of $450M Deal

By Erin Marie Daly

Law360, New York (March 11, 2010, 5:34 PM ET) -- A bankruptcy judge has given the green light to LyondellBasell Industries AF SCA's $450 million deal with its unsecured creditors that resolves their objections to a settlement between the debtor and the lenders that financed the 2007 acquisition of Lyondell Chemical Co. by Basell Polyolefins, clearing the way for the Dutch chemical giant to leave Chapter 11.

The agreement, approved Thursday by Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York, increases the proposed distribution under LyondellBasell's Chapter 11...
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