Lyondell Settles $5.5B In Cleanup Claims

Law360, New York (March 31, 2010, 2:22 PM EDT) -- Lyondell Chemical Co. has reached a sweeping, $5.5 billion settlement with state and federal regulators over vast environmental liabilities, granting roughly $1.2 billion in unsecured claims and providing $170 million to clean up properties that posed a significant hurdle to reorganization.

On Tuesday the bankrupt affiliate of Dutch chemical titan LyondellBasell Industries NV urged Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York to approve the settlement, which resolves about $5.5 billion in environmental claims against the debtor....
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