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LyondellBasell reached settlement with unsecured creditors

February 18/2010

February 19 (plasteurope) -- LyondellBasell has reached out-of-court settlement with its unsecured creditors, whose financial claims had threatened the group"s exit from Chapter 11 bankruptcy proceedings as well as a possible asset sale.


The creditors had sought to recover part of the USD 22 bn they say was lost in the merger of the former Lyondell and Basell in 2007. The agreement increases the payout to USD 450m from a previously envisaged USD 300m. The additional USD 150m will be paid as reorganised equity, raised by reducing distributions to LyondellBasell"s senior lenders and bridge loan providers.

 

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LyondellBasell reached settlement with unsecured creditors

      MRC Reference

LyondellBasell.  The share in the Russian market in 2008:
 PE  - 1.4% (including HDPE - 2.5%, LDPE Ц 0.3%);
 PP Ц 4.1% (including block-copolymers - 9.5%).

Annual sales growth in Russia, during the recent 5 years:
 PE - 27%;
 PP Ц 88%.

The leader in the following polymers processing technologies:

 pipe extrusion;

 film extrusion;

 injection molding.



 

 

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