Lyondell launches new reorganization plan

Lyondell Chemical would emerge from bankruptcy by forming a new holding company, according to a U.S. court plan. “We expect to be ready to emerge near year end,” Lyondell Basell Chief Executive Officer Jim Gallogly said. The new company would be formed in the Netherlands, according to the plan filed in a U.S. bankruptcy court. According to the filing, it would have two subsidiaries, which would divide Lyondell’s plants between U.S. and non-U.S. assets. (September 21, 2009)