lyondellbasell, page-16

looks like it's over red rover:

http://www.bloomberg.com/apps/news?pid=20601102&sid=aN44CohOhpA8&refer=uk

Blavatnik Expresses Hopes for LyondellBasell Creditors, FT Says
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By Colin Keatinge

Jan. 7 (Bloomberg) -- LyondellBasell Industries AF SCA’s owner has expressed hopes that many creditors of the world’s third largest petrochemicals group, which has filed for bankruptcy owing $26 billion, will be repaid, the Financial Times reported.

Len Blavatnik, who is behind Access Industries Holdings LLC, which controls LyondellBasell, said much of the debt would need to be written down but the company remained “valuable,” according to the newspaper.

The Russian-born U.S. citizen said it’s a “shame for everyone who has lost money” and added that he thinks there is a “chance to recover quite a bit of it,” the newspaper reported.

Blavatnik’s highly leveraged purchase of Lyondell Chemical of the U.S. in 2007 was made at a “full price but not a crazy price,” he said, according to the FT.