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LyondellBasell: Chapter 11 exit set for 30 April

The reorganisation plan for LyondellBasell (Rotterdam / The Netherlands; www.lyondellbasell.com) approved by a New York court on 11 March sets the stage for the group to exit US Chapter 11 on 30 April 2010. The reorganised olefins and polyolefins giant to be shaped in a planned USD 2.8 bn rights issue will be majority owned (51.6%) by private equity group Apollo. Former owner Len Blavatnik will hold 32.24% of shares, Apollo’s private equity partner Ares 16.2%. All claims of the rights issue sponsors will be met.

LyondellBasell ´s management rejected the takeover bid by India’s Reliance (RIL, Mumbai; www.ril.com) as too low.

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