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Cadwalader, Wickersham & Taft

Restructuring 2010

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RankingStandout
InnovationThe largest ever debtor-in-possession (DIP) financing for LyondellBasell, the petrochemical company
Originality7
Rationale8
Impact7
Total22
DescriptionFaced with 10 days of liquidity, the lawyers came up with the idea to do a DIP financing (worth $8bn) with a novel “roll-up” to keep the business afloat while putting it into Chapter 11. The firm used a unique structure of a single foreign debtor as a conduit to allow funding to reach European subsidiaries