Lyondell looks to extend exclusivity period to Sept. 6, 2010

By Caroline Salls

Pittsburgh, Nov. 23 - Lyondell Chemical Co. requested an extension to its exclusive period to solicit votes on a plan of reorganization to Sept. 6. 2010 from Dec. 15, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of New York.

According to the motion, the company should not be deprived of its right to solicit votes on a plan because its inability to move forward with the plan process stems from committee litigation rather than the company's failure to negotiate a consensual plan.

A hearing is scheduled for Dec. 15.

Lyondell is a U.S. subsidiary of LyondellBasell Industries AF SCA, a Netherlands-based polymer, petrochemicals and fuels company. LyondellBasell's U.S. operations and one of its European holding companies filed for bankruptcy on Jan. 6, 2009. The Chapter 11 case number is 09-10023.

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