Bankrupt LyondellBasell charts restructuring plan after rejecting RIL bid

09-Mar-10
Bankrupt petrochemicals maker LyondellBasell has charted a restructuring plan as an option after it rejected a US$14.5 bln bid from Indian energy major Reliance Industries Ltd. The offer from Reliance Industries was not sufficiently valuable to LyondellBasell to abandon its reorganisation plan, Lyondell said in a court filing on Monday. If the court approves Lyondell’s disclosure statement, than the plan would be sent to the company’s creditors for their approval. As part of its reorganisation plan, Lyondell plan sto sell 263.9 mln Class B shares, most of which will be sold in a rights offering backstopped by private equity firms Apollo Management, Ares Management and Access. Apollo can invest up to US$1.52 bln, Ares can invest up to US$475.7 mln and Access can invest up to US$805.9 mln, the court documents show.
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