Bank Seeks Refinancing Of Lyondell DIP Facility

Law360, New York (September 15, 2009, 6:06 PM EDT) -- The Bank of New York Mellon has asked a bankruptcy court to compel Lyondell Chemical Co. to refinance its debtor-in-possession financing, contending that better terms are now available and that the lenders may use a rapidly approaching maturity date to squelch a $22 billion lawsuit over a leveraged buyout of the chemical firm.

The bank filed its motion Monday in the U.S. Bankruptcy Court for the Southern District of New York noting that the DIP facility is scheduled to mature on Dec. 15, two weeks after...
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