Reliance Cash Bid Adds Intrigue To Lyondell Ch. 11

Law360, New York (November 23, 2009, 7:28 PM EST) -- India’s Reliance Industries Ltd. has made a nonbinding cash offer for a controlling stake in LyondellBasell Industries AF SCA, potentially providing Lyondell Chemical Co. and scores of affiliated debtors an alternative to a reorganization plan that hands the chemical giant over to its lenders.

On Saturday LyondellBasell announced that Reliance extended a nonbinding offer to buy a controlling interest in the company, possibly derailing the lenders' plan to convert billions in debt into a controlling equity share in the reorganized chemical manufacturer.

“LyondellBasell has received a...
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