A bankruptcy court in New York has adjourned the crucial hearing on LyondellBasell, that would consider the reorganisation plan of the existing promoters, to January 12. The outcome is of much interest for Reliance Industries (RIL), which has made a preliminary non-binding offer for a controlling interest in LyondellBasell.
Lyondell wants the exclusive right to file its own reorganisation plan, a move that would bar creditors from offering a competing plan. Moreover, Lyondell wants to have until September 6, 2010, to solicit votes for the plan.
Further, Lyondell’s lenders have approved the extension of the maturity date of the company’s debtor-in-possession (DIP) financing. The new date is April 6. DIP financing funds the day-to-day operations of a company operating under Chapter 11 bankruptcy protection.
