Lyondell DIP loan lenders agree to extend deadlines; new hearing set for Feb. 10

By Caroline Salls

Pittsburgh, Feb. 4 - Lyondell Chemical Co.'s debtor-in-possession financing lenders have agreed to extend a number of deadlines related to the DIP facility, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

Specifically, the deadline for entering into definitive documentation for the DIP financing was extended to Feb. 6 and the deadline for final DIP facility approval was extended to Feb. 11.

The DIP loan approval hearing, which was originally scheduled for Feb. 4, was postponed to Feb. 10.

In addition, the lenders have agreed to waive any defaults arising from failure to meet the original definitive documentation and final DIP financing order deadlines.

The company said it is continuing to negotiate the definitive documentation with the lenders.

Lyondell is a U.S. subsidiary of LyondellBasell, 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 in the U.S. Bankruptcy Court for the Southern District of New York. The Chapter 11 case number is 09-10023.

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