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Lyondell Chemical's $8B DIP Package Approved

Law360 (March 2, 2009, 12:00 AM EST) -- A bankruptcy court judge on Sunday approved more than $8 billion in debtor-in-possession financing for Lyondell Chemical Co.

Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York gave the final sign-off on the package that could top out at almost $8.5 billion if certain conditions are met.

Approval of the DIP financing package follows the January resolution of a bitter dispute between Lyondell and a group of creditors that claimed that Access Lenders LLC was getting preferential treatment in...
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