(Corrects to show the company settled claims, not suits)
NEW YORK, April 30 Lyondell Chemical Co
[ACCELC.UL] said on Friday that it has exited bankruptcy after
a 16-month process during which its debt load was reduced to
about $5 billion from $24 billion.
The company, which went bankrupt last January after a drop
in business due to the economic downturn left it unable to make
debt payments, was able to make the move through financial
backing from two private equity firms and industrial holding
company Access Industries.
Access, owned by financier Len Blavatnik, had taken
Lyondell private in 2007. He has bought back into the new
company through a $2.8 billion rights offering and will own a
small stake alongside Apollo Management [APOLO.UL] and Ares
Lyondell also said it raised $3.25 billion of first
The new company, LyondellBasell Industries NV based in the
Netherlands, said it expects to begin trading on the New York
Stock Exchange by the third quarter of this year.
LyondellBasell said it has $5.2 billion in net consolidated
debt and about $3 billion in liquid assets.
The move comes after the company fended off a takeover
attempt by India's Reliance Industries Ltd (RELI.BO) earlier
this year. It also settled hundreds of environmental claims.
(Reporting by Caroline Humer; editing by Gerald E.