Bankrupt petrochemicals firm LyondellBasell outlined a restructuring plan that it said was a better

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option than a $14.5 billion bid from Indian energy major Reliance Industries, court documents showed.

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

A person familiar with the matter told Reuters last Tuesday that Lyondell had rejected Reliance's offer.

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

As part of its reorganization 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 can invest up to $1.52 billion, while Ares can invest up to $475.7 million and Access can invest up to $805.9 million, 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 reorganization plan becomes effective.

The case is In re: Lyondell Chemical Co, U.S. Bankruptcy Court, Southern District of New York, No. 09-10023.