Judge Okays Suit by LyondellBasell Creditors Over 2007 Merger

A New York bankruptcy judge says LyondellBasell’s unsecured creditors can advance their lawsuit against those who planned, negotiated, and financed the $12.7 billion debt-financed merger. The suit alleges that the deal deprived the company of enough capital to fund operations. The official unsecured creditor committee had filed for permission to go forward with the suit in June. The creditors have filed suit against the deal’s proponents, including Russian industrialist Leonard Blavatnik who led the $12.7 billion merger through Access Industries (New...

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