LyondellBasell to receive whopping DIP financing

Chemicals group LyondellBasell, in bankruptcy proceedings this week over its US operations, has received approval to access $2.167bn in debtor-in-possession funding, the first instalment of an $8bn package which could become one of the biggest such financings to ever be put in place. Last year, global bankruptcy related financing reached $27.3bn, the biggest amount on record, according to Dealogic.