LyondellBasell Plots Emergence from Bankruptcy

A New York bankruptcy court has approved a disclosure statement detailing LyondellBasell Industries' plan to emerge from bankruptcy. The decision clears the way for Lyondell's creditors to vote on the plan. Lyondell says creditors holding a majority of the company's bonds, notes, and other debt already support the plan. It can also proceed with a rights offering whereby the private equity firms Access Industries, Apollo Management, and Ares Management will buy $2.8 billion in Lyondell stock. To help fund its emergence from bankruptcy, Lyondell plans to raise $3.25 billion through the sale of promissory notes.