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LyondellBasell Obtains Restraining Order Against Creditors

8:30 AM MST | February 11, 2009 | Kara Sissell

LyondellBasell’s U.S. division has secured a temporary restraining order preventing any of the company’s creditors from taking legal action against the company’s European parent company LyondellBasell Industries.  The move appears to stem from concerns that certain creditors could try to force the company’s non-U.S. operations into bankruptcy in order to trigger payments for credit default swaps (CDS) linked to the company’s European or Asian assets. CDS are a form of insurance that is paid when a company goes into default...

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