Lyondell Submits News Reorganisation Plan

Netherland based company, LyondellBasell Industries AF submitted a new reorganization plan in a US court to help it come out of bankruptcy and pay off its huge debt amounting to %8 billion through a $2.8 billion right issue and fresh equity issue for the balance. Recently, Mukesh Ambani-controlled Reliance Industries Ltd had placed a non-binding bid to buy a controlling stake in LyondellBasell after its emergence from Chapter 11 bankruptcy.