Lyondell Resolves Spat Over $8B DIP Package

Law360, New York (January 8, 2009, 12:00 AM EST) -- Several creditors objecting to a more than $8 billion debtor-in-possession financing package requested by bankrupt firm Lyondell Chemical Co. and its affiliates have reached a settlement with the company, removing major barriers to the deal.

In a contentious hearing lasting until the early morning hours Thursday in the U.S. Bankruptcy Court for the Southern District of New York, the creditors reached an agreement permitting broader creditor participation in offering the package, according to an attorney who represented one of the creditors in the deal.

The creditors...
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