Equistar

1. Lyondell Settlement Approved, Creditors Brushed Off

Friday, Feb 19, 2010

Over an objection from the unsecured creditors committee, a bankruptcy judge has approved a settlement between Lyondell Chemical Co. and Bank of New York Mellon Corp. that will resolve the bank's request for a $360 million super-priority administrative claim, among other things.

2. Unsecured Creditors Balk At Lyondell Settlement

Monday, Feb 08, 2010

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.

3. Lyondell Gets Court OK To End Exec Benefits

Tuesday, Oct 27, 2009

Lyondell Chemical Co. won bankruptcy court approval on Tuesday to cancel the remaining executive benefit plans — including enhanced health coverage, company-sponsored life insurance policies and supplemental pensions — of almost a dozen former top employees who objected to the move.

4. Battle Rages On Over Cleanup At Texas Equistar Plant

Monday, Jul 20, 2009

Equistar Chemicals LP is continuing to battle the current and former owners of a Texas manufacturing site over who is responsible for remediating toxic chemicals at the site when the bankrupt LyondellBasell subsidiary vacates the facility on Aug. 4.

5. USW Sues Bankrupt Equistar Over Severance Benefits

Thursday, Jul 16, 2009

The United Steelworkers union has hit Equistar Chemicals LP with an adversary proceeding claiming the petrochemical company, a subsidiary of bankrupt Lyondell Chemical Co., failed to pay severance benefits to laid-off employees at one of its Texas facilities.

6. Equistar Accused Of Passing Buck On Plant Cleanup

Tuesday, Jul 07, 2009

The current and former owners of a Texas manufacturing site leased to Equistar Chemicals LP are accusing the bankrupt LyondellBasell subsidiary of planning to leave behind toxic chemicals when it vacates the plant later this year.

7. Equistar Employee Wins $9M For Acid Injury

Thursday, Jul 02, 2009

A Texas jury has awarded an Equistar Chemicals LP employee over $9 million for a 2006 accident in which he splashed acid on his face while pouring it into a tank in a chemical plant, permanently damaging his vision.

8. Bank Of NY Appeals Lyondell DIP Order

Tuesday, Jun 02, 2009

Bank of New York Mellon Corp. is appealing a bankruptcy court's order that holders of two sets of Lyondell Chemical Co. secured notes worth about $475 million are adequately protected under the company's debtor-in-possession financing order.

9. Lyondell Faces Objections Over Reclamation Claims

Wednesday, May 27, 2009

BASF Corp., ConocoPhillips Co. and dozens of other companies have objected to Lyondell Chemical Co.'s plans to pay reclamation claims submitted in its Chapter 11 case, including its decision that some companies are entitled to recover nothing.

10. Lyondell Adds 13 More Cos. To Ch. 11 Proceedings

Friday, May 08, 2009

Thirteen U.S. companies are being added to Lyondell Chemical Co.'s bankruptcy proceedings in New York, a development that comes two weeks after Luxembourg-based LyondellBasell Industries AF SCA joined its U.S. affiliate Lyondell Chemical in Chapter 11 to fend off claims from creditors.

11. LyondellBasell Joins US Unit In Ch. 11 Proceedings

Friday, Apr 24, 2009

LyondellBasell Industries AF SCA has joined the bankruptcy proceedings of U.S. affiliate Lyondell Chemical Co. to protect against claims from certain financial and trade creditors, the petrochemical giant announced Friday.

12. Lyondell Can Pay MTBE Settlement Share: Judge

Thursday, Apr 16, 2009

A judge has allowed bankrupt Lyondell Chemical Co. to pay its share of settlements in more than 60 product liability cases over the gasoline additive methyl tertiary-butyl ether, the majority of which have been consolidated in multidistrict litigation settled by other defendants for about $422 million.

13. Lyondell Creditors Will Investigate Basell Merger

Monday, Apr 06, 2009

Creditors of bankrupt Lyondell Chemical Co. have won permission to pursue discovery into whether the leveraged buyout and acquisition of Lyondell by Dutch firm Basell Polyolefins and private investment firm Access Industries saddled the company with too much debt.

14. Lyondell Creditors Seek Records From Basell Merger

Wednesday, Mar 11, 2009

Claiming that the owners burdened the company with too much debt in a recent merger deal, creditors of bankrupt Lyondell Chemical Co. have filed a request to pursue discovery into the details of the leveraged buyout and acquisition of the company by Dutch firm Basell Polyolefins and private investment firm Access Industries.

15. LyondellBasell's US Units Seek $8B In DIP Financing

Wednesday, Jan 07, 2009

The bankrupt U.S. businesses of chemical firm LyondellBasell Industries AF SCA have requested court approval for a debtor-in-possession financing package of more than $8 billion to help ensure the companies can continue operating for now.

16. US Units Of LyondellBasell File For Ch. 11

Tuesday, Jan 06, 2009

Following a week of rumors that bankruptcy was a possibility, the U.S. units of Dutch petrochemical giant LyondellBasell Industries AF SCA filed for Chapter 11 protection on Tuesday.

17. LyondellBasell Mulls Ch. 11

Wednesday, Dec 31, 2008

As it struggles with the possibility of defaulting on loan payments, Dutch petrochemical giant LyondellBasell Industries AF SCA may be forced to seek refuge in Chapter 11, a company spokeswoman confirmed Wednesday.

18. Texas Settles Pollutants Lawsuit For $6.5M

Tuesday, Aug 26, 2008

LyondellBasell Industries has agreed to pay $6.5 million to settle allegations that two of its subsidiaries repeatedly failed to prevent the release of harmful pollutants into the atmosphere at seven petrochemical plants in Houston and along the Gulf Coast.

19. Atlantis Plastics Files For Ch. 11

Tuesday, Aug 12, 2008

Crippled by homebuilding woes, Atlantis Plastics Inc. filed for Chapter 11 protection Sunday to facilitate the contracted sales of its plastic film and molded plastics businesses.

20. Reliant's $500M Sale Of Channelview Plant Gets Nod

Tuesday, Jun 10, 2008

A bankruptcy judge signed off Monday on Reliant Energy Inc.'s sale of its Channelview plant to GIM Channelview Cogeneration LLC for $500 million, negating an earlier sale the same judge approved on the condition that an open auction be held.