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Lyondell Debtor Settles With Insurers Closing Shop

Law360 (June 10, 2009, 12:00 AM EDT) -- A bankruptcy judge has signed off on two settlements between a Lyondell Chemical Co. debtor and two insurers that are winding down their businesses. The settlements are related to the bankrupt chemical manufacturer's legacy lead and asbestos liabilities.

Judge Robert E. Gerber's rulings, issued Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, approved debtor Millennium Petrochemicals Inc.'s release of rights under eight excess insurance policies related to asbestos liability with City General Insurance Co. and nine excess insurance policies related to...
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