Judge OKs LyondellBasell Loans

NEW YORK -- A New York judge gave LyondellBasell Industries approval early Thursday to borrow more than $2 billion after a subsidiary of the chemical maker filed for Chapter 11 bankruptcy protection earlier this week.

U.S. Bankruptcy Judge Robert Gerber gave the company's American unit interim approval to seek up to $2.167 billion in loans.

Earlier in the court session, which began on Wednesday, the company was given approval to seek an emergency loan of $100 million that was expected to last about two days.

The company was formed a year ago, when Basell International Holdings paid $12.7 billion for Houston-based Lyondell Chemical, taking on debt just as oil prices skyrocketed, squeezing profit margins at chemical makers. ...