The US bankruptcy court in Manhattan that was supposed to hold a hearing in the LyondellBasell Industries AF reorganization case gave out a bridge order that maintains status quo till 12 January, when the next hearing is scheduled.
The hearing was crucial in the context of a preliminary non-binding bid submitted by Reliance Industries Ltd (RIL) to acquire the beleaguered petrochemical company, which seems to have been side-stepped by the LyondellBasell management.
Luxembourg-based LyondellBasell filed for bankruptcy protection in January, unable to meet its debt obligations after demand dropped for petrochemicals products during the global economic downturn.