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LyondellBasell Seeks Injunction Against Bondholders

2:32 PM MDT | September 1, 2009 | Vincent Valk

LyondellBasell is seeking an injunction to prevent certain debts from coming due later this month, which the company claims could force the liquidation of its European assets. Should the injunction not be approved, Lyondell's European assets will run out of operating cash by the end of October, necessitating a liquidation, according to a Lyondell court filing. Holders of the $1.3 billion in unsecured debt due August 2015 are currently prevented from receiving payment on the debt due to a 179-day "standstill" period, agreed to in March and scheduled to...

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