CORRECTED - UPDATE 1-Examiner to be appointed for Lyondell-judge

(Corrects headline to say that an examiner is to be appointed)

* Examiner to monitor selection of rights offering sponsor

* To report on possible new debtor-in-possession financing

* To report on "anything out of ordinary"

NEW YORK, Oct 26 (Reuters) - An independent examiner will be appointed to oversee whether bankrupt chemicals maker Lyondell Chemical Co [ACCELC.UL] does anything "out of the ordinary" on certain portions of its reorganization plan, a New York bankruptcy judge said on Monday.

The official committee of unsecured creditors had requested an examiner, saying in an October court filing that "debtors appear to have lost sight of their fiduciary responsibility to act in the best interests of all creditors of the estates."

U.S Bankruptcy Judge Robert Gerber in New York approved the committee's request for an examiner, but limited the scope of the examiner's duties to reporting to the judge "as to whether debtors have done anything out of the ordinary" in choosing a rights offering sponsor, whether Lyondell will to get new debtor-in-possession financing and whether the company will establish a new litigation reserve.

An examiner can be appointed in any bankruptcy case when it has been requested and the court finds the company's debts exceed $5 million. Examiners typically review issues surrounding a bankrupt company's collapse.

Lyondell is part of the U.S. units of LyondellBasell [ACCEIN.UL], which filed for bankruptcy protection in January, unable to make its debt obligations after demand dropped for petrochemicals products during the global economic downturn.

LyondellBasell [ACCEIN.UL], the Luxembourg-based holding company, is owned by investor Len Blavatnik through New York-based Access Industries.

The bankruptcy case is In re: Lyondell Chemical Co., U.S. Bankruptcy Court, Southern District of New York, No. 09-10023. (Reporting by Chelsea Emery)