Apollo supports LyondellBasell restructuring
Apollo Management has backed the debt restructuring of chemical giant LyondellBasell allowing the company to emerge from the bankruptcy declared in January 2009.
After debt conversion, New York private equity firm Apollo Management LP is the largest stakeholder in the firm, with a share of about 25%. Former owner Access Industries, a New York-based investment firm, will be among the five largest stakeholders.
The firm now will be known as LyondellBasell Industries NV and will continue to be based in Rotterdam, the Netherlands, with a North American headquarters in Houston.
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