6/30/2009

The chief executives behind Dutch chemical giant Basell's $12.7 billion buyout of Houston's Lyondell Chemical in 2007 ignored concerns voiced about the viability of the merged company, according to papers filed by creditors in LyondellBasell's bankruptcy. The documents claim that many top Basell executives and affiliates felt that the deal, 100% financed by debt, would burden the company. Supporters were more focused on the millions that could be gained in the short term instead of the long-term survival of the merged company, the creditors claim.

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