LyondellBasell said it’s taking a look at a bid from India’s Reliance Industries while it plots its reorganization.
From Bloomberg News:
A disclosure statement, or rough outline of Lyondell’s plan to reorganize under Chapter 11 of the bankruptcy code, covers 94 units and includes a $2.8 billion rights offering to allot shares in a new company to fulfill some lenders’ claims. Lyondell said the plan, and offer from Reliance, was valid as of Dec. 11, the date it was filed in U.S. Bankruptcy Court in Manhattan.
The plan “won’t preclude Reliance from making a bid if it chooses to do so,” said LyondellBasell spokesman David Harpole.
Under the reorganization plan, Lyondell’s $8 billion bankruptcy loan would be paid.