LyondellBasell

LyondellBasell, the third largest petrochemical company, filled Chapter 11 bankruptcy Tuesday, Jan.6, for its American operations which has been struggling with reduced demands for its products and a heavy debt burden.

In the bankruptcy filling, Lyondell said is had more than $19 billion in debt. The filing includes all of LyondellBasell’s American units and one European holding company. The company issued a statement stating it has obtained commitments for $8 billion in debtor-in-possession financing.

LyondellBasell on Sunday, Jan. 3, missed $280 million in debt and interest obligations, which were originally due last month. On Thursday, Jan 8, it received approval to access $2.167 billion in interim debtor-in-possession financing in order to fund itself during its bankruptcy.

Web Articles:

• Lyondell Files for Bankruptcy
• LyondellBasell says all reorganization options open
• Lyondell gets access to $2 billion in bankruptcy loans
• Lyondell bonds at rock bottom on bankruptcy fears

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