Reliance Industries (RIL) has updated its non-binding proposal to acquire bankrupt Dutch petrochemicals company LyondellBasell (LB)RIL's new offer has a significantly higher cash component of $5-6 billion from the earlier offer of $2 billion, reports said.RIL’s initial proposal was reportedly about $12 billion that included a cash component of about $2 billion
The Apollo Group, which have an exposure as lenders to LB of about USD 10 billion, have submitted a new restructuring plan in which they had said they would be willing to convert USD 18 billion of secured and bridged loans into equity and to an addition to that USD 2.8 billion as cash to backstop LB’s rights offer.
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