Lyondell Retains Exclusive Ch. 11 Plan Rights

Law360, New York (January 19, 2010, 7:27 PM EST) -- A federal judge ruled on Tuesday that bankrupt Lyondell Chemical Co. will retain the exclusive right to file its own reorganization plan until April 15, in spite of rumblings from the company's unsecured creditors committee.

Judge Robert Gerber of the U.S. Bankruptcy Court for the Southern District of New York forbade any other parties, including the company's creditors committee, from filing competing proposals.

Houston-based Lyondell submitted a reorganization proposal last year that would provide for a $2.8 billion rights issuing to prop up the company's finances....
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