Apollo and Ares Have a Part in Lyondell Deal

LyondellBasell Industries has filed a proposed restructuring plan that will help it shed billions of dollars of debt, issue new equity and exit bankruptcy. Apollo Investment Management, Ares Management and Access Industries will backstop a proposed $2.8 billion rights offering by the specialty chemicals company. Apollo could invest up to $1.52 billion, Ares up to $475.7 million and Access up to $805.9 million through the offering.