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LyondellBasell Files Reorganization Plan, Plans New Stock Listing

3:20 AM MDT | September 15, 2009 | Natasha Alperowicz

LyondellBasell on Friday submitted to the U.S. Bankruptcy court a reorganization plan, which describes the company’s proposed corporate, legal and capital structure after the company emerges from Chapter 11 and calls for LyondellBasell to become a public limited liability company. The hearing for the court approval will start by mid-October. “We expect to be ready to emerge from Chapter 11 near year end,” says Jim Gallogly, CEO of LyondellBasell.   LyondellBasell expects to issue stock in a new company to its creditors and to obtain a...

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