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LyondellBasell: Settlement with unsecured creditors

LyondellBasell (Rotterdam / The Netherlands; www.lyondellbasell.com) has reached out-of-court settlement with its unsecured creditors, whose financial claims had threatened the groups exit from Chapter 11 bankruptcy proceedings as well as a possible asset sale.

The creditors had sought to recover part of the USD 22 bn they say was lost in the merger of the former Lyondell and Basell in 2007. The agreement increases the payout to USD 450m from a previously envisaged USD 300m. The additional USD 150m will be paid as reorganised equity, raised by reducing distributions to LyondellBasell´s senior lenders and bridge loan providers.

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