Lyondellbasell Files Reorganization Plan, Rejects Reliance Bid

摘要

LyondellBasell has filed its reorganization plan with the U.S. District Court for the Southern District of New York, rejecting Reliance Industry's $14.5 billion bid for the company. Under the reorganiza- tion plan, LyondellBasell will repay in full an $8-billion bankruptcy loan, pursue a major debt-for-equity swap and sell 263.9 million Class B shares for about $2.8 billion, mostly through a rights offering backed by its parent companies Access Industries and Apollo Management (New York), along with private equity firm Ares Management (New York). Apollo is allowed to invest up to $1.52 billion, Access Industries is allowed to invest up to $805.9 million and Ares can invest up to $475.7 million, LyondellBasell says. This would transfer ownership of LyondellBasell to its creditors.