Lyondell files recast plan, rejects RIL bid

: Bankrupt petrochemicals firm LyondellBasell outlined a restructuring plan that it said was a better option than a $14.5 billion bid from energy major Reliance Industries, court documents showed.

Reliance' offer was not sufficiently valuable to abandon the reorganisation plan, Luxembourg-headquartered Lyondell said in a disclosure statement lodged with a US bankruptcy court on Monday.

A person familiar with the matter had said on Tuesday that Lyondell had rejected Reliance's offer.

If the court approves Lyondell's disclosure statement, then the plan would be sent to the company's creditors for their approval.

As part of its reorganisation plan, Lyondell said it will sell 263.9 million class B shares, most of which will be sold in a rights offering backstopped by private equity firms Apollo Management, Ares Management and Access. Apollo, Ares and Access can invest up to $1.52 billion, $475.7 million and $805.9 million, respectively, the court documents show.

Apollo will have the right to nominate three initial supervisory board members, while Access and Ares will have the right to nominate one initial supervisory board member, court filings show. Lyondell will seek to list its shares on the New York Stock Exchange once the reorganisation plan becomes effective. Hearing on the disclosure statement is due on Thursday.