Lyondell Chemical gets exclusivity extension, conforms to DIP terms

By Rebecca Melvin

New York, April 30 - Lyondell Chemical Co. obtained an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company's exclusive plan-filing period was extended to Sept. 15 from May 6 and the solicitation period to Dec. 15, 2009 from July 6.

When requesting the extension, Lyondell said it agreed to the deadlines included in its debtor-in-possession facility for confirming a plan of reorganization assuming it would have the exclusive right to formulate a plan during the time periods set forth in the DIP facility.

The DIP facility deadlines extended beyond the initial exclusive periods, according to the motion.

The company also said an exclusivity extension would give the company an opportunity to make progress toward resolving issues necessary to formulate a plan of reorganization.

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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