Lyondell Wins Approval To Amend DIP Package

Law360, New York (August 14, 2009, 3:17 PM EDT) -- Bankrupt Lyondell Chemical Co. has won court approval to amend its $8 billion debtor-in-possession financing package over the objections of a group of unsecured creditors and Bank of New York Mellon Corp.

Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York issued an order Thursday allowing the debtor to enter into a second amendment to the DIP credit agreement to correct what Lyondell said was an error in the agreement.

The amendment will allow Lyondell to establish a base...
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