Reliance Industries' (RIL's) attempt to take over the world's third-largest independent chemical company, LyondellBasell Industries, faces its first hurdle when the beleaguered company's management argues its rescue plan for the company before the special bankruptcy court of New York South District.
Despite getting feelers from RIL for an acquisition and cash-infusion into the company, the LyondellBasell management on Friday filed an updated rescue plan centred around a $2.5 billion cash infusion by the company's former owner and two investors.
The plan, if implemented, would wipe out the rights of the current equity holders and transfer the company to the sponsors of the $2.5 billion rights issue and its existing creditors. Ratification of the plan would also significantly dampen RIL's chances of acquiring the company on bankruptcy-induced, favourable terms.
The company, which had revenues of $50.7 billion (Rs 233,000 crore) before going into bankruptcy in early 2009, urged all creditors to accept the refurbished proposal, a call which has already been rejected by one group of creditors. The company believes that acceptance of the plan is in the best interests of the debtors' estates, their creditors and all other parties in interest.
However the Creditors' Committee, representing general unsecured creditors, has already urged the court to dismiss the plan and allow it to come up with a better alternative after working with interested investors like Reliance Industries.crackcrack
| Company Name | CMP |
|---|---|
| Reliance Industries | 1248.60 |
| Indian Oil Corp. | 131.00 |
| BPCL | 286.70 |
| HPCL | 362.40 |
| MRPL | 136.80 |
| View more.. | |
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