Court approval for LyondellBasell’s proposed restructuring plan to exit bankruptcy

26-Apr-10
Bankrupt petrochemicals major LyondellBasell has received approval for its proposed restructuring plan to exit bankruptcy from the court for southern district. The court has approved its reorganisation plan and it is expecting to come out of the Chapter 11 protection on April 30. The company has raised US$3.25 bln through debt along with the issue of securities on private placement basis which would be used to come out of bankruptcy. The US$3.25 bln first priority debt includes US$2.25 bln and €375 mln offering of senior secured notes in a private placement and borrowings of US$500 mln under a senior term loan facility as part of its exit financing.
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