The New York bankruptcy court overseeing LyondellBasell's (Rotterdam / The Netherlands; www.lyondellbasell.com) actions under Chapter 11 has given the group until 15 April 2010 to exclusively prepare its reorganisation plan. Until then, third parties may not present alternative plans. This could effectively put the lid on the estimated USD 13.5 bn takeover bid by Reliance (RIL, Mumbai / India; www.ril.com)
Disputes have emerged over the enterprise value of LyondellBasell, valued at USD 14.5 bn in the reorganisation plan. In determining payments to senior lenders, the business was valued at more than USD 19 bn.