Lyondell Settlement Approved, Creditors Brushed Off

Law360, New York (February 19, 2010, 5:17 PM EST) -- Over an objection from the unsecured creditors committee, a bankruptcy judge has approved a settlement between Lyondell Chemical Co. and Bank of New York Mellon Corp. that will resolve the bank's request for a $360 million super-priority administrative claim, among other things.

Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York signed off on the deal Wednesday, saying both parties acted in good faith and that BNY acted in compliance with its duties under the so-called Arco and Equistar...
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