Lyondell, Insurers Settle $2.5M Rita Damage Claims

Law360, New York (January 14, 2010, 12:50 PM EST) -- A bankruptcy judge has approved $2.5 million in settlements between bankrupt energy and chemical company LyondellBasell and a host of insurers over damage caused by Hurricane Rita in 2005 to the company's Gulf Coast facilities.

Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York approved the settlement Tuesday, saying he agreed with the debtors that the settlement was in the best interests of the estate and its creditors.

Two settlement agreements were approved. One was between Lyondell Chemical Co.,...
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