Lyondell granted temporary restraining order against guaranty claimants, noteholders

By Caroline Salls

Pittsburgh, Feb. 6 - Lyondell Chemical Co. has been granted a temporary restraining order that keeps creditors from taking legal action against LyondellBasell Industries AF SCA and any of its non-debtor affiliates, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the order protects LyondellBasell and its affiliates from attempts to accelerate its guaranty claims and its €500 million and $615 million 8 3/8% senior notes due 2015.

The preliminary injunction also keeps the guaranty claimants and noteholders from taking control of any LyondellBasell property or proceeds or continuing any related legal proceedings.

A hearing on approval of a more permanent preliminary injunction is scheduled for Feb. 13.

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. The Chapter 11 case number is 09-10023.

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