Lyondell pursues settlement plan, but creditors continue to balk

12/27/2009 | Reuters

Lyondell Chemical is asking a bankruptcy court to approve a proposal for settling a lawsuit filed by its unsecured creditors, adding that its secured creditors have agreed to the firm's reorganization plan. The proposal calls for secured lenders to pay unsecured creditors $300 million and create a fund for future claims against secured lenders that are not part of the proposed settlement. Unsecured creditors are "vigorously" opposed to the proposal, calling it an "abomination," a lawyer for the group said.

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