Law360, New York (February 08, 2010, 4:58 PM ET) -- The unsecured creditors of Lyondell Chemical Co. are objecting to a deal the company reached with the Bank of New York Mellon Corp., saying the settlement improperly binds the company to the proposed reorganization plan.
In an objection filed Friday in the U.S. Bankruptcy Court for the Southern District of New York, the unsecured creditors contend that the settlement is akin to a plan support agreement because “it places inappropriate and binding obligations” on Lyondell to pursue the modified plan, which may prove to be unconfirmable....
Unsecured Creditors Balk At Lyondell Settlement
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