ROTTERDAM, Netherlands (April 27, 2010)—A federal court has approved LyondellBasell's reorganization plan and the producer of propylene oxide expects to emerge from Chapter 11 bankruptcy protection on April 30.
The company said the U.S. Court for the Southern District of New York OK'd the plan that will significantly improve the world's largest polyolefins producer's balance sheet. The firm also will have excellent liquidity, a more efficient organizational structure and a new management team, it said.