Re Lyondell Chemical Co, et al; Edward Weisfelner, as Trustee of the LB Litigation Trust v LR2 Management K/S – US Bankruptcy Court (SDNY) (Robert E Gerber US Bankruptcy Judge) – 18 September 2015

Insolvency – Avoidable preference – Charterers making payments to shipowners of freight and port dues shortly before filing for Chapter 11 bankruptcy protection – Whether payments recoverable by Trustee as preferential transfers

On 20 November 2008 Equistar Chemicals LP (Equistar), a subsidiary of Lyondell Chemical Co (Lyondell), chartered the vessel Torm Valborg from LR2 Management K/S (LR2) for the carriage of 80,000 mt of petroleum condensate from Algeria to ports in Texas.