Lyondell to seek court approval for reorganization plan

04/18/2010 | Wall Street Journal, The

LyondellBasell Industries will ask a U.S. bankruptcy court on Friday to approve its plan to exit bankruptcy protection. Private-equity firm Apollo Management already committed $1.5 billion to finance the company's reorganization plan, while Ares Management and Access Industries will fund the rest of the $2.8 billion pledge from the three lenders. The lenders will also exchange debt for stock and a rights offering, and the company plans to sell $6 billion in new notes to raise funding for its reorganization.

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