Lyondell Rejects Reliance Bid

Law360, New York (March 8, 2010, 4:06 PM EST) -- Dutch chemical giant LyondellBasell Industries AF SCA has filed a new disclosure statement that reflects a recent settlement with its unsecured creditors, rejecting a buyout bit from India’s Reliance Industries Ltd.

The disclosure statement, filed Monday in the U.S. Bankruptcy Court for the Southern District of New York, increases the proposed distribution for general unsecured claimants and holders of two sets of bonds to $450 million, up from $300 million in a previous version of the statement that didn't include the settlement.

The extra $150 million,...
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