Commercial lending giant CIT files bankruptcy Nov 3, 2009
On Monday, CIT Group Inc's bankruptcy case was assigned on Monday to U.S. Bankruptcy Judge Robert Gerber, the same judge who oversaw the recent reorganization of the automaker General Motors Co. Gerber, a bankruptcy judge since 2000, is no stranger to large complex cases, having also handled the bankruptcies of cable TV operator Adelphia Communications Corp and the current proceedings involving Lyondell Chemical Co.. CIT made the filing in New York bankruptcy court Sunday, after a debt-exchange... (MSNBC -- Business)
Susan Carter assumes CFO post at KBR Oct 28, 2009
She is a CPA and a former member of the board of directors for Lyondell Chemical Co.. KBR, of Houston. (FCW.com)
Icahn Offers to Underwrite $6 Billion Loan to CIT Oct 20, 2009
Bondholders are questioning loans made to Tribune Co , Lyondell Chemical Co and Tousa Inc just before the companies failed. A judge ruled last week that loans made to Tousa six months before it filed for bankruptcy involved a fraudulent transfer of assets and said that Citigroup , which arranged the loans, was motivated by fees. (ABC News -- Wire)
Apollo Management seeks redemption in Pliant-Berry tieup Sep 30, 2009
The firm is entrenched in the fulcrum security of the bankrupt Lyondell Chemical, whose assets could compliment existing Apollo portfolio companies Hexion Specialty Chemicals and Momentive Performance Materials. A spokesperson for Apollo declined to comment, while messages left for Pliant and Berry officials were not returned. (FT.com -- Markets)
Banks targeted by burned LBO investors Sep 7, 2009
Creditors of Lyondell Chemical, which filed for bankruptcy in January, have already taken legal action ... Creditors of Lyondell Chemical, which filed for bankruptcy in January, have already taken legal action. (New York Post -- Business)
Lyondell lenders challenge Apollo/Access for fulcrum in backstop battle redux Sep 1, 2009
Lyondell Chemical entered bankruptcy eight months ago amid a pitched battle over a backstopped DIP loan that many lenders attacked as prejudicial ... A nascent group of Lyondell Chemical loan holders held a conference call last week to discuss how best to pre-empt a widely anticipated rights issue by Apollo Management and shareholder Access Industries. (FT.com -- Markets)
Teleconference Alert: LyondellBasell Reviews June 2009 Financial Results Aug 4, 2009
SOURCE LyondellBasell Industries; Lyondell Chemical Company; Equistar Chemicals, LP; Millennium Chemicals Inc.. Link to this page. (PR Newswire)
Default Jump Curbs Bankruptcy Lending as Recoveries Sink to a 19-Year Low Aug 2, 2009
Lyondell Chemical Co., which filed for Chapter 11 on Jan. 6, received a record $8 billion in loans at an interest rate of 10 percentage points over the benchmark after the DIP market had ceased to operate, a lawyer representing the Houston-based company, of Cadwalader, Wickersham & Taft LLP, said during a Jan. 7 bankruptcy hearing in New York, according to a transcript. 40 Percent. (Bloomberg)
Judge overseeing GM case known as 'a steady hand' Jun 2, 2009
Gerber also has overseen the cases of Lyondell Chemical Co., Global Crossing and Ames Department Stores Inc.. He can be patient when listening to advocates in court, said Gottesman, the former clerk. (Anchorage Daily News)
GSC Investment Corp. Announces Fourth Quarter and Fiscal Year 2009 Financial Results May 29, 2009
4 million investment in Lyondell Chemical Company. During the fiscal year ended February 28, 2009, the Company made 17 investments in an aggregate amount of $23. (PR Newswire)
New GMAC Board of Directors is Established May 28, 2009
He was previously the CFO of WorldCom/MCI, Lyondell Chemical, Tenneco, and USSynthetic Fuels Corporation. Blakely received his Ph. (PR Newswire)
Paul Singer's Hedge Fund Seeks PayDay in Default Swaps of Clear Channel May 15, 2009
Deutsche Bank made money by owning debt and credit swaps of Lyondell Chemical Co., a Houston-based oil refiner and chemical producer that went bankrupt in January, according to a person with direct knowledge of the firms trading. Basis Benefits. (Bloomberg)
LyondellBasell Increases Fixed-Cost Reduction Target to $700 Million and Initiates Development of Plan of Reorganization Apr 9, 2009
Assumptions and other important factors that could cause our actual results to differ materially from those anticipated in our forward-looking statements include, among other things: (i) the ability of LyondellBasell to develop, prosecute, confirm and consummate one or more Chapter 11 plans of reorganization; (ii) the potential adverse impact of the Chapter 11 filing on LyondellBasell's operations, management and employees, and the risks associated with operating businesses under Chapter 11... (PR Newswire)
Chemtura, bankrupt plastics maker, seeks $400 million Mar 20, 2009
An $8 billion loan, the biggest such DIP loan in bankruptcy history, was approved Feb. 28 for Lyondell Chemical Co. over objections that its roll-up provision may have given preferential treatment to some lenders. Creditors also objected to its fees, which included 13 percent interest, and 7 percent fees, with some lenders getting a return of as much as 20 percent on their one-year investment. (Republican-American)
Houston plants make the top polluters list Mar 20, 2009
Lyondell Chemical in Channelview ranked 8th on the list with 5. 5 million pounds of waste, which is about the same amount of pollution that was created by Huntsman Petrochemical in Conroe which came in at number ten. (KHOU.com, TX)
CLOs set to snap up DIPs and exit loans Mar 5, 2009
The ratings for Quebecor and most recently Lyondell Chemical were largely at the request of CLOs, said one of the rating agency official ... For example, CLOs increased their notional allocation to the pre-petition Lyondell Chemical USD 2bn TLA and USD 9. (FT.com -- Markets)
Mixed blessings over Chapter 11 financing Mar 4, 2009
A US court decision to approve a controversial $8bn loan for Lyondell Chemical in Chapter 11 could provide a much needed boost to companies chances of raising vital bankruptcy financing, but may increase the risk of losses for some existing lenders. Last week the US bankruptcy court of the Southern district of New York hosted a marathon hearing of various creditors objections to the loan, which Lyondell needs to have a chance to reorganise under Chapter 11 protection. (FT.com -- Markets)
BASF Can't Pull Out of Lyondell Chemical 2007 Buyout, Delaware Judge Says Mar 4, 2009
BASF Cant Pull Out of Lyondell Chemical Buyout, Judge Says. By Jef Feeley and Phil Milford. (Bloomberg -- Germany)
Lyondell Gets Bankruptcy Financing Court Approval Feb 28, 2009
NEW YORK (Reuters) - A federal bankruptcy judge on Friday approved an $8 billion bankruptcy loan for oil and chemical maker Lyondell Chemical Co ... The case is In re: Lyondell Chemical Co., 09-10023, U.S. Bankruptcy Court, Southern District of New York. (ABC News -- Wire)
Court Approves Terms of LyondellBasell's DIP Financing Feb 28, 2009
ROTTERDAM, Netherlands, Feb. 27 /PRNewswire/ -- 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. (PR Newswire)
Bankruptcy for U.S. automakers could be more costly Feb 19, 2009
The largest DIP loan on record, made to Lyondell Chemical last month, was $8 billion, and that was obtained only after three weeks of breakneck negotiations. Altman had earlier thought that GM would need $50 billion in DIP financing to survive. (International Herald Tribune -- Business)
Madoff Loss Spawned in `Bargain With Devil' at Cerberus-Owned Japan Bank Feb 19, 2009
Mervyns LLC, Lyondell Chemical Co. and Linens n Things Inc. -- all controlled by buyout firms -- have filed for bankruptcy. Cerberus received U.S. government aid for Chrysler LLC and GMAC, the lender affiliated with General Motors Corp.. (Bloomberg)
Lyondell bid to stop CDS holders Feb 11, 2009
Lawyers for Lyondell Chemical, the US unit that is in Chapter 11, have secured a temporary restraining order and preliminary injunction against a group of creditors. EDITORS CHOICE. (FT.com -- Markets)
Lyondell Banks Caught in Bankruptcy Lose $3.7 Billion From Takeover Loans Feb 10, 2009
Feb. 9 (Bloomberg) -- The five banks that helped finance the takeover of Lyondell Chemical Co. have lost at least $3. 7 billion, and that figure may climb to more than $8 billion, which would make the leveraged buyout the costliest in history for lenders. (Bloomberg)
Aleris seeks DIP; TL dives on CAM exchange expectations Feb 7, 2009
Aleris CAM exchange would be similar in principle to the exchange executed by Lyondell Chemical after its filing last month. The CAM exchange is triggered by a Chapter 11 filing and mandates that lenders assume pro-rata shares across all term loan tranches in the US and Europe, in order to allocate global assets equally among tranches. (FT.com -- Markets)
