Lyondell Plan Aims For Exit From Ch. 11 Before 2010

By Pete Brush

Law360, New York (September 14, 2009, 2:21 PM ET) -- Debtors in Lyondell Chemical Co.'s multibillion-dollar bankruptcy have filed a plan of reorganization — which contemplates 13 classes of creditors and the issuance of new corporate notes and stock — that parent LyondellBasell Industries AF SCA says could see the petrochemical giant's 94 affiliated debtors emerge from Chapter 11 by the year's end.

Friday's filings, in the U.S. Bankruptcy Court for the Southern District of New York, say the plan provides for unimpaired priority, secured and tax claims as well as the issuance of notes to...
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