23 November, 2009
LyondellBasell bonds rise on Reliance offer
NEW YORK, Nov 23 (Reuters) - Bonds of LyondellBasell surged on Monday after reports that India's Reliance Industries (RELI.BO) offered to buy a controlling stake in the bankrupt petrochemicals company.
Lyondell Chemical's 10.25 percent notes due in 2010 rose to 81 cents on the dollar, up 10 cents on the day, according to Thomson Reuters Pricing Service. The 9.8 percent bonds due in 2020 also rose about 10 cents to 81 cents on the dollar.
LyondellBasell said on Saturday that Reliance made a nonbinding cash offer to buy a controlling interest in the company, marking a potential alternative to its previously filed reorganization plan to emerge from Chapter 11 bankruptcy. For details click on [ID:nN21473364]. (Reporting by Dena Aubin; Editing by James Dalgleish) ((dena.aubin@thomsonreuters.com; Tel: +1-646-223-6325; Reuters Messaging: dena.aubin.reuters.com@reuters.net))
Source: http://www.reuters.com
LyondellBasell bonds rise on Reliance offer Added: (23.11.2009)
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