Jan. 6, 2009
LyondellBasell’s U.S. Operations and one of its European Holding Companies File Chapter 11 to Restructure Balance Sheet - Company Has Commitment for Significant DIP Financing Including $3.25 Billion of New Funding - Company Intends Global Business Operations to Continue Normally - Filing Does Not Include LyondellBasell’s Non-U.S. Operating Companies
LyondellBasell Industries announced today that, in order to facilitate a restructuring of its debts, its U.S. operations and one of its European holding companies have voluntarily filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code. The company also announced that, pending Court approval, it has made arrangements for up to $8 billion in debtor-in-possession (DIP) financing to fund continuing operations. Of this total, $3.25 billion consists of new funding; $3.25 billion represents a refinancing of certain obligations under LyondellBasell's existing senior secured credit facilities; and $1.515 billion represents replacement of existing working capital facilities.
"We have been working collaboratively with our creditors and our equity holder on a financial restructuring that reflects the realities of today's market environment and positions us for the future," said Volker Trautz, Chief Executive Officer.
"During the past two quarters, we have seen a dramatic softening in demand for our products and unprecedented volatility in raw materials costs. December was particularly difficult, as many of our customers postponed orders to reduce their inventories. Though we currently anticipate this situation to be short-term and expect customers to increase their purchasing in 2009, we made the decision to file Chapter 11 in order to provide the company with the time and resources necessary to facilitate an orderly restructuring and position the business for the long term.
"During the reorganization period, our goal is for the company to continue its operations and its relationships with customers and suppliers in the normal course," said Trautz.
The Chapter 11 filing applies to LyondellBasell's operations in the United States and one of its European holding companies, Basell Germany Holdings GmbH.
Trautz said that the company began taking steps to control costs as demand began to weaken and raw material costs started to fluctuate.
"Over the past several months, we announced plans to significantly reduce headcount and also reduced capital expenditures and working capital," he said. "We have also idled certain facilities and reduced production and processing at others. We are aggressively exploring additional ways to lower our costs and streamline operations in response to a very difficult global economic environment.
"Our core businesses -- fuels, chemicals, plastics and technology -- are fundamental to the global economy," Trautz said. LyondellBasell's products are used in a broad range of applications and in numerous products including: transportation, fuels (gasoline and diesel), rigid and flexible packaging, plastic pipe, detergents, cosmetics, electronics, appliances, automotive parts, paints and coatings, furnishings, construction and building materials and many other industrial and consumer goods applications.
operating entities will continue to function independent of the
Chapter 11 process. The U.S. companies filed for Chapter 11
protection in the Southern District of New York in Manhattan. A
complete list of the filing entities and other information
related to the Chapter 11 cases can be found through a link at
the company's website, www.lyondellbasell.com.SCHEDULE 1
The following list identifies all of the affiliated entities, including the Debtor
filing this petition (collectively, the “Debtors”), that have filed voluntary petitions for relief
under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern
District of New York, substantially contemporaneously with the filing of this petition. The
Debtors have filed a motion requesting that their chapter 11 cases be jointly administered
pursuant to Rule 1015(b) of the Federal Rules of Bankruptcy Procedure.
1. Basell Finance USA Inc.
2. Basell Germany Holdings GmbH
3. Basell North America Inc.
4. Basell USA Inc.
5. Circle Steel Corporation
6. Duke City Lumber Company, Inc.
7. Equistar Chemicals, LP
8. Equistar Transportation Company, LLC
9. Glidco Leasing, Inc.
10. Glidden Latin America Holdings Inc.
11. HOISU Ltd.
12. Houston Refining LP
13. HPT 28 Inc.
14. HPT 29 Inc.
15. H.W. Loud Co.
16. IMWA Equities II, Co., L.P.
17. ISB Liquidating Company
18. LBI Acquisition LLC
19. LBIH LLC
20. LeMean Property Holdings Corporation
21. Lyondell Asia Pacific, Ltd.
22. Lyondell Chemical Company
23. Lyondell Chemical Delaware Company
24. Lyondell Chemical Espana Co.
25. Lyondell Chemical Europe, Inc.
26. Lyondell Chemical International Co.
27. Lyondell Chemical Nederland, Ltd.
28. Lyondell Chemical Products Europe, LLC
29. Lyondell Chemical Properties, L.P.
30. Lyondell Chemical Technology Management, Inc.
31. Lyondell Chemical Technology 1 Inc.
32. Lyondell Chemical Technology, L.P.
33. Lyondell Chimie France LLC
34. Lyondell-Equistar Holdings Partners
35. Lyondell Europe Holdings Inc.
36. Lyondell Greater China, Ltd.
37. Lyondell Houston Refinery Inc.
38. Lyondell LP3 GP, LLC
39. Lyondell LP3 Partners, LP
40. Lyondell LP4 Inc.
41. Lyondell (Pelican) Petrochemical L.P. 1, Inc.
42. Lyondell Petrochemical L.P. Inc.
43. Lyondell Refining Company LLC
44. Lyondell Refining I LLC
45. LyondellBasell AFGP S.a.r.l.
46. LyondellBasell Advanced Polyolefins USA Inc.
47. LyondellBasell Industries AF S.C.A.
48. LyondellBasell Finance Company
49. MHC Inc.
50. Millennium America Holdings Inc.
51. Millennium America Inc.
52. Millennium Chemicals Inc.
53. Millennium Holdings, LLC
54. Millennium Petrochemicals GP LLC
55. Millennium Petrochemicals Inc.
56. Millennium Petrochemicals LP LLC
57. Millennium Petrochemicals Partners, LP
58. Millennium Realty Inc.
59. Millennium Specialty Chemicals Inc.
60. Millennium US Op Co LLC
61. Millennium Worldwide Holdings I Inc.
62. MWH South America LLC
63. National Distillers & Chemical Corporation
64. NDCC International II Inc.
65. Nell Acquisition (US) LLC
66. Penn Export Company, Inc.
67. Penn Navigation Company
68. Penn Shipping Company, Inc.
69. Penntrans Company
70. PH Burbank Holdings, Inc.
71. Power Liquidating Company, Inc.
72. Quantum Acceptance Corporation
73. SCM Plants, Inc.
74. Suburban Propane GP, Inc.
75. Tiona, Ltd.
76. UAR Liquidating Inc.
77. USI Chemicals International, Inc.
78. USI Credit Corp.
79. USI Puerto Rico Properties, Inc.
80. Walter Kidde & Company, Inc.
81. Wyatt Industries, Inc.
Jan. 8, 2009
LyondellBasell Receives Court Approval of First-Day Employee and Administrative Motions and Interim Use of $3.682 Billion in Debtor-in-Possession Financing to Support Normal Operations Supply Chain to Continue Uninterrupted
LyondellBasell Industries announced today that its U.S. operations and its German-based holding company (collectively "Lyondell Chemical") have received interim Court approval of the first-day motions, including permission to continue certain employee wages, salary and benefits programs and fund certain taxes.
At the same time, Lyondell Chemical received interim authorization to use up to $3.682 billion of its committed debtor-in-possession (DIP) facility to fund post-petition obligations in the ordinary course of business. The company has commitments for up to $4.765 billion in new DIP financing from a group of lenders. The final DIP hearing has been scheduled for Feb. 4, 2009. Up to ?440 million of the DIP facility is authorized to be invested in non-U.S. subsidiaries.
Lyondell Chemical also received interim authorization to maintain administrative functions such as its cash management system and the ability to fund insurance obligations, among other things.
The first-day relief, approved today by the U.S. Bankruptcy Court for the Southern District of New York in Manhattan, will help ensure that both the U.S. operations and LyondellBasell’s global operations continue without interruption.
"We are gratified to have received the Court’s immediate approval of the first-day motions and the financing we need to run the business as close to normal as possible," said Volker Trautz, chief executive officer. "This puts us on a strong footing in the earliest days of our restructuring."
Trautz said that there have been discussions with many raw materials and maintenance suppliers, and that they had expressed their support for the company. "We expect suppliers to continue providing the raw materials and services we need to operate our facilities at pre-petition levels," he said.
LyondellBasell’s U.S. operations and one of its European holding companies voluntarily filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code on Jan. 6 in order to facilitate a restructuring of its debts. A complete list of the filing entities and other information related to the Chapter 11 cases can be found through a link at the company’s website, www.lyondellbasell.com. The company has also established a Restructuring Information Line, which is 866-964-5615, or in Houston, 713-309-4512. Outside the United States, callers can dial +1 713-309-4512 (English only).
Jan. 8, 2009
Non-U.S. Operations Not Affected By Chapter 11 Filing
LyondellBasell Industries today issued the following statement:
"In view of the many inquiries received by LyondellBasell questioning whether operations outside the United States are impacted by our Chapter 11 restructuring filings, we would like to stress that none of our operations outside the United States are impacted.
No LyondellBasell company or affiliate located outside of the United States has applied for or become involved in insolvency or bankruptcy proceedings in their respective home countries.
All of LyondellBasell’s non-U.S. companies are conducting business as usual with no impact from the Chapter 11 restructuring filing by our U.S. operations and one European holding company. All LyondellBasell companies remain committed to maintaining mutually-beneficial relationships with suppliers and customers and to serving and operating in the market as they did before this voluntary action by the company.
Confusion apparently resulted from the inclusion of Basell Germany Holdings GmbH in the Chapter 11 filing, the only entity among the 79 LyondellBasell affiliates that is not registered in the United States. The filing by Basell Germany Holdings GmbH was not a result of insolvency under German law. Rather, including this non-U.S. holding company allows it to benefit from the special financing package that has been negotiated with lenders in connection with the Chapter 11 filing. The German holding company also will benefit from the moratorium on obligations under the existing financing arrangements that result from the filing."
Feb. 10, 2009
Court Enters Temporary Restraining Order Restricting Actions Against Lyondell Chemical Company's Non-Debtor Affiliate, LyondellBasell Industries AF S.C.A., or Any of Its Other Non-Debtor Affiliates
The United States Bankruptcy Court for the Southern District of New York has entered a temporary restraining order禁止命令 against any creditor of Lyondell Chemical Company or its co-debtor affiliates and subsidiaries from proceeding against LyondellBasell Industries AF S.C.A. pursuant to guaranty agreements entered into by LyondellBasell Industries AF S.C.A. with such creditors.
The temporary restraining order also restrains holders of record and beneficial owners of the euro 500 million and $615 million 8 3/8% Senior Notes due 2015 issued by LyondellBasell Industries AF S.C.A. from, among other things, taking any action to accelerate the maturity of such notes.
A hearing will be held on the motion for preliminary injunctive relief on Friday, February 13, 2009 at 9:45 a.m. before the Honorable Robert E. Gerber, United States Bankruptcy Judge, at the United States Bankruptcy Court for the Southern District of New York, Courtroom 621, One Bowling Green, New York, New York 10004. Any objections to the motion for preliminary injunction must be received no later than 12:00 p.m. on Thursday, February 12, 2009 by the Bankruptcy Court and filed electronically in accordance with General Order M-242.
Such objections must also be served on i) Susman Godfrey L.L.P., proposed attorneys for the Debtors, 1000 Louisiana Street, Suite 5100, Houston, Texas 77002 (Attn: Vineet Bhatia, Esq. and David Peterson); (ii) Cadwalader, Wickersham & Taft LLP, proposed attorneys for the Debtors, One World Financial Center, New York, New York 10281 (Attn: Deryck A. Palmer, Esq. and Jessica L. Fink, Esq.); (iii) the Office of the United States Trustee for the Southern District of New York, 33 Whitehall Street, New York, New York 10004 (Attn: Paul Schwartzberg, Esq.); (iv) Davis, Polk & Wardwell, attorneys for the agents for the Debtors' postpetition credit facilities, 450 Lexington Avenue, New York, New York 10017 (Attn: Marshall S. Huebner, Esq. and Timothy E. Graulich, Esq.); (v) Simpson Thacher & Bartlett LLP, attorneys for UBS AG, Stamford Branch, as Term DIP Agent, 425 Lexington Avenue, New York, New York, 10017 (Attn: Kathrine A. McLendon and Anne L. Knight); (vi) Brown Rudnick LLP, proposed attorneys for the Official Committee of Unsecured Creditors, Seven Times Square, New York, New York 10036 (Attn: Edward S. Weisfelner, Esq.) and Brown Rudnick LLP, One Financial Center, Boston, Massachusetts 02111 (Attn: Steven D. Pohl, Esq.); and (vii) Mayer Brown LLP, attorneys for the agents for the Debtors' postpetition credit facilities, 1675 Broadway, New York, New York 10019 (Attn: Brian Trust, Esq.).
Court Injunction Protects LyondellBasell AF
The United States Bankruptcy Court for the Southern District of New York has granted the preliminary injunction sought by Lyondell Chemical Company preventing certain creditors from proceeding against its parent company, LyondellBasell Industries AF S.C.A.
LyondellBasell is now able to move forward with the reorganization of its worldwide businesses without the threat of having assets eroded by certain claims against entities outside of bankruptcy protection. The injunction is effective for 60 days and provides LyondellBasell with time to evaluate all available options for protecting its worldwide businesses.
The injunction prevents various creditors from enforcing pre-petition guarantees that were issued by LyondellBasell Industries AF S.C.A. for obligations of entities included in Chapter 11 protection. The injunction also prevents holders of record and beneficial owners of the 8 3/8% Senior Notes due 2015 issued by LyondellBasell Industries AF S.C.A. from, among other things, taking any action to accelerate the maturity of these notes.
The injunction was granted today following a hearing on Monday before the Honorable Robert E. Gerber, United States Bankruptcy Judge, at the United States Bankruptcy Court for the Southern District of New York. The court had previously issued a temporary restraining order on Feb. 6, which was subsequently extended on Feb. 13 and then again on Feb. 23.
LyondellBasell Industries' U.S. operations and one of its European holding companies voluntarily filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code on Jan. 6, 2009 in order to facilitate a restructuring of its debts. Lyondell Chemical Company is one of the 79 LyondellBasell entities included in this filing. Lyondell and certain of its subsidiaries and affiliates continue to operate and manage their businesses as they proceed with restructuring and reorganization efforts.
A copy of the relevant documents associated with this case may be found on the internet at: http://chapter11.epiqsystems.com/lyondellbasellindustries or from LyondellBasell's web site at www.lyondellbasell.com. The case number for the bankruptcy action is 09-10023
Court Approves Terms of LyondellBasell's DIP Financing
Action Provides Access to an Additional $1.083 Billion
The United States Bankruptcy Court for the Southern District of New York has approved the terms of Lyondell Chemical Company's debtor-in-possession (DIP) financing package. This action will allow the company access to an additional $1.083 billion of the DIP financing and will make an additional euro 260 million available to LyondellBasell entities that are organized outside of the United States.
The DIP financing includes two credit agreements: a $6.5 billion term loan (comprising $3.25 billion in new loans and a $3.25 billion roll-up of existing loans) and a $1.54 billion asset-backed lending facility. On Jan. 8, the company received interim authorization to use up to $3.682 billion of its DIP funding, including euro 440 million for LyondellBasell's non-U.S. entities. The DIP lenders include a combination of banks and investment firms, such as hedge funds and private equity firms.
"These funds will support the uninterrupted operation of our businesses worldwide, giving confidence to our many suppliers and allowing us to continue serving the needs of our global customers," said Volker Trautz, chief executive officer of LyondellBasell Industries. "This final approval of our DIP credit agreements means that we can turn our full attention to the task of emerging from Chapter 11 protection with a new capital structure and a strengthened business platform."
LyondellBasell's U.S. operations and one of its European holding companies voluntarily filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code on Jan. 6 in order to facilitate a restructuring of the company's debts. A complete list of the filing entities and other information related to the Chapter 11 cases can be found through a link at the company's Web site, www.lyondellbasell.com.
LyondellBasell Increases Fixed-Cost Reduction Target to $700 Million and Initiates Development of Plan of Reorganization
LyondellBasell today announced that it has increased its fixed-cost reduction target to $700 million by year-end 2010. The new target is part of a total performance improvement plan of $1.3 billion, which also encompasses variable and energy cost reductions, as well as revenue enhancement initiatives.
"The original merger plan targeted a fixed-cost reduction of approximately $200 million. Based on our efforts through the second half of 2008 and particularly in the first quarter 2009, we have increased our goal to $700 million," said Ed Dineen, LyondellBasell's Chief Operating Officer. "More importantly, we believe we will demonstrate a substantial part of this target in the 2009 bottom line, given first-quarter performance."
The plan encompasses a reduction in employee headcount of more than 3,000, or approximately 17 percent, and a reduction in contractors approaching 2,000, or nearly 30 percent. It includes the closure of 20 offices and research & development sites and the closure of 10 or more manufacturing plants, most of which have been announced or completed. "The detailed program identifies actions and timelines, and implementation is well under way as momentum built rapidly throughout the first quarter," said Dineen.
March 24, 2009
LyondellBasell to Close Chocolate Bayou Olefins
LyondellBasell Industries will permanently close its Chocolate Bayou olefins complex near Alvin, Texas, by Aug. 4, 2009. The plant has been out of service since mid-December and the company announced on Feb. 12 plans to indefinitely idle the unit and began the process of reducing the workforce at the site.
The company has taken this action after analyzing the business case for preserving the site for future restart or permanent shutdown. The decision was made given the reduced projections for olefins demand, the limited feedstock flexibility of the site, high fixed costs due to scale and high costs related to the site service agreements. Additionally, a significant expense would have been incurred to fund a turnaround before a future restart. LyondellBasell’s other six crackers in the U.S. will provide sufficient volumes to meet the need of the company’s customers.
Channelview (OP-1), Texas
Channelview (OP-2), Texas
Chocolate Bayou, Texas
LaPorte (Deer Park), Texas
Corpus Christi, Texas
Lake Charles, Louisiana
Equistar Chemicals, LP operated the Chocolate Bayou olefins unit, located on property leased to the company by Solutia. Based on current market conditions and the uncompetitive financial situation as a result of the plant lease and related agreements, LyondellBasell exercised an option under Chapter 11 to reject the site lease and to permanently shut down the unit. Those motions were granted by the U.S. Bankruptcy Court for the Southern District of New York on March 10. Equistar, along with Lyondell Chemical Company and certain other affiliates, filed for Chapter 11 bankruptcy protection on Jan. 6, 2009.
In preparation to close the facility, site personnel are developing a transition plan for the safe and efficient transfer of the site to Solutia. LyondellBasell will continue to comply with applicable state and federal environmental statutes and regulations applicable to us at the site, and will coordinate our closure activities with the Environmental Protection Agency (EPA) and Texas Commission on Environmental Quality (TCEQ).
"This cost reduction plan is a key part of our effort to offset the current sales volume and margin weakness. It will also be incorporated into the financial projections that will inform our Plan of Reorganization," said Alan Bigman, LyondellBasell's Chief Financial Officer. "We are working toward confirmation of a plan consistent with the milestone schedule set forth in our debtor-in-possession loans."
"Market conditions continue to be extremely challenging, and we are driving hard across all our organizations to enhance our earnings," said Dineen. "We are pleased with our progress, but are committed to doing more and doing it more quickly. I am confident that we will emerge from Chapter 11 as a stronger, more competitive company that will continue to be a leader in innovation, customer satisfaction and the manufacturing and development of products that improve quality of life for people around the world."
LyondellBasell Adds Holding Company to Chapter 11 Protection 解説
LyondellBasell Industries today announced that LyondellBasell Industries AF S.C.A. has been voluntarily added to Lyondell Chemical Company's reorganization filing under Chapter 11 of the U.S. Bankruptcy Code to protect the European holding company against claims by certain financial and U.S. trade creditors.
LyondellBasell Industries AF S.C.A. is a holding company incorporated in Luxembourg. It does not manufacture or sell products, and has no employees.
LyondellBasell is exercising an option available under U.S. law to prevent creditors from enforcing guarantees by LyondellBasell AF S.C.A. for pre-petition obligations of LyondellBasell's U.S. businesses. It also prevents bondholders of Senior Notes due in 2015 from potentially pursuing remedies against LyondellBasell AF S.C.A. after an interest payment due on the notes in February was not paid. The company obtained a 60-day restraining order from the U.S. bankruptcy court in February to allow time for LyondellBasell to protect its European assets from these claims.
Extending Chapter 11 protection to LyondellBasell Industries AF S.C.A. is not an insolvency proceeding under any European law. No LyondellBasell manufacturing operation located outside of the United States has applied for or become involved in insolvency or bankruptcy proceedings in its respective home country.
"LyondellBasell continues to conduct business worldwide while the company develops its reorganization plan as part of the Chapter 11 process," said Ed Dineen, LyondellBasell's Chief Operating Officer. "All LyondellBasell companies remain committed to maintaining mutually beneficial relationships with suppliers and to serving customers as they did before this voluntary action."
LyondellBasell's U.S. operations and a holding company in Germany voluntarily filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code on Jan. 6 in order to facilitate a restructuring of the company's debts. Lyondell Chemical Company is one of the 79 LyondellBasell affiliates included in the original filing. LyondellBasell has obtained approximately $8 billion in debtor-in-possession (DIP) financing to fund continuing operations. The DIP financing includes two credit agreements: a $6.5 billion term loan (comprising $3.25 billion in new loans and a $3.25 billion roll-up of existing loans) and a $1.57 billion asset-backed lending facility. A complete listing of the filing entities and other information related to the Chapter 11 cases can be found through a link at the company's Web site, www.lyondellbasell.com.
Dec 8, 2009 WSJ
LyondellBasell Inks Settlement Over Merger Lawsuit
LyondellBasell Industries AF has reached a deal with a group of banks, including Citigroup and UBS AG, that could settle a massive lawsuit in its bankruptcy case but that still leaves key players in the lawsuit facing claims.
Under the proposed settlement, a group of LyondellBasell creditors that filed the $21 billion lawsuit on behalf of the chemical giant would receive $300 million when it emerges from bankruptcy protection.
Company spokesman David Harpole said Monday that the deal, if approved by a New York bankruptcy judge, clears the way for LyondellBasell to move forward with its plan to restructure.
"We believe this proposed settlement is in the best interest of all constituencies and permits us to proceed toward emergence from Chapter 11 in an expeditious manner," Mr. Harpole said.
The deal, however, faces opposition from the committee representing unsecured creditors, which filed the lawsuit. Edward Weisfelner, a lawyer for the committee, called the settlement "an abomination" and said the committee would fight it "tooth and nail."
"It's a ridiculous, low and unfair settlement," he said Monday, and designed by management to clear the way for an investor group that includes Apollo Management to take control of the company.
The lawsuit stems from the 2007 merger of Basell AF and Lyondell Chemical Co. to form Netherlands-based LyondellBasell Industries. A little more than a year after the merger, the company filed for bankruptcy.
In its lawsuit, filed in July, the creditors committee claimed the $21 billion in debt the company took on following the merger was more than it could handle, ultimately forcing it into bankruptcy.
The committee sued the banks and investment funds that financed the merger and LyondellBasell's parent company, Access Industries, hoping to wipe out the bank claims so their claims are paid ahead of the secured debt. Otherwise, unsecured creditors are facing the prospect of being wiped out.
Weisfelner estimated unsecured claims in the case are between $3 billion to $5 billion, so the settlement pays them at most 10 cents on the dollar. He said LyondellBasell never discussed the settlement with the committee before agreeing to it.
Mr. Harpole declined to comment specifically on whether the company discussed the deal with the committee, saying only that it initiated settlement talks with the defendants after mediation "reached an impasse."
Besides Citigroup and UBS, other defendants named in the lawsuit that are part of the settlement include Goldman Sachs Group Inc., Merrill Lynch & Co., ABN Amro Bank and Apollo.
Mr. Harpole said LyondellBasell's restructuring plan would call for a group of lenders to backstop an equity investment. He wouldn't name the lenders or the size of the investment, but Weisfelner said Apollo, Ares Management and Access have agreed to backstop a $2.5 billion rights offering. Spokesmen for Apollo and Ares couldn't be reached for comment. A spokesman for Access declined comment.
India's Reliance Industries Ltd., meanwhile, has made a preliminary offer to acquire a controlling stake in LyondellBasell. Mr. Harpole said the bankruptcy plan being developed wouldn't preclude Reliance from making a final bid for the company.
Mr. Harpole said LyondellBasell will file a motion in the next few days asking Judge Robert Gerber of the U.S. Bankruptcy Court in Manhattan to approve the lawsuit settlement. Gerber will then hold a hearing on whether to approve it.
The settlement doesn't resolve claims against Access Industries and its owner, Leonard Blavatnik, or former and current officers and directors of LyondellBasell and Lyondell Chemical. The creditors committee can continue to pursue its claims against those defendants if the settlement is approved, Mr. Harpole said.
A spokesman for Access declined comment about the settlement.
Access has previously called the creditors' lawsuit "meritless" in court papers, saying the merged company had billions of dollars in equity value when the deal closed and was capable of servicing debt until "the twin calamities of an historic economic crisis and an unprecedented commodities price volatility brought the company down."