LyondellBasell secures court approval for reorganization plan

04/25/2010 | ICIS News (U.K.)

A U.S. court cleared LyondellBasell's reorganization plan on Friday, allowing the firm to exit bankruptcy protection by April 30 and gain listing on the New York Stock Exchange by the third quarter of 2010, the company said. "Through this reorganization, we have solidly positioned the company to be an industry leader with a significantly improved balance sheet, excellent liquidity, a more efficient organizational structure and a new management team," LyondellBasell CEO Jim Gallogly said in a statement.

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