Lyondell Creditors Will Investigate Basell Merger

Law360, New York (April 6, 2009, 12:00 AM EDT) -- Creditors of bankrupt Lyondell Chemical Co. have won permission to pursue discovery into whether the leveraged buyout and acquisition of Lyondell by Dutch firm Basell Polyolefins and private investment firm Access Industries saddled the company with too much debt.

Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York on Friday granted a motion by the official committee of Lyondell's unsecured creditors to conduct discovery into the merger pursuant to Rule 2004 of bankruptcy procedure.

The creditors will now be...
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