Lyondell Seeks Approval Of Sumitomo Joint Venture

Law360, New York (August 26, 2009, 3:08 PM EDT) -- Lyondell Chemical Co. is seeking a bankruptcy court’s blessing of a proposed $2.5 million joint venture between one of its nondebtor units and Tokyo-based Sumitomo Chemical Co. Ltd.

The chemical firm on Aug. 25 asked the U.S. Bankruptcy Court for the Southern District of New York to clear the deal between Lyondell Centennial Corp. and Sumitomo to form NOC Asia, claiming the joint venture is crucial to the debtor’s long-standing relationship with Sumitomo and its business operations in Asia.

NOC Asia would serve as a multinational...
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