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LyondellBasell Creditors Seek Examiner

10:46 AM MDT | October 6, 2009 | Vincent Valk

The unsecured creditors committee in the LyondellBasell bankruptcy case is seeking appointment of an examiner to investigate an alleged conflict of interest in the rights offering process and to determine if the company has considered all financing options. The committee accuses LyondellBasell and Len Blavatnik's Access Industries, which spearheaded the Lyondell-Basell merger and is currently providing debtor-in-possession (DIP) financing for the bankruptcy, of attempting to strong-arm an undervalued settlement of its claims. A probe of some of LyondellBasell's...

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