LyondellBasell's US Units Seek $8B In DIP Financing

Law360, New York (January 7, 2009, 12:00 AM EST) -- The bankrupt U.S. businesses of chemical firm LyondellBasell Industries AF SCA have requested court approval for a debtor-in-possession financing package of more than $8 billion to help ensure the companies can continue operating for now.

On Tuesday, representatives of Lyondell Chemical Co. and its affiliate debtors submitted a motion in the U.S. Bankruptcy Court for the Southern District of New York requesting immediate approval of the credit package in order to enable the chemical to pay many significant expenses due early this year, such as insurance...
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