Lyondell, Sumitomo Get OK For $2.5M Joint Venture

Law360, New York (September 9, 2009, 12:19 PM EDT) -- A bankruptcy judge has signed off on Lyondell Chemical Co.'s plan for a nondebtor subsidiary to team up with Sumitomo Chemical Co. Ltd. in a $2.5 million joint venture to create a new multinational industrial chemical supplier.

Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York handed down an order approving the joint proposal on Tuesday, allowing Lyondell Centennial Corp. and Tokyo-based Sumitomo to form NOC Asia.

The new company will manage, market and sell propylene oxide and propylene...
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