Navigation Links
LyondellBasell Adds Holding Company to Chapter 11 Protection
Date:4/24/2009

ROTTERDAM, Netherlands, April 24 /PRNewswire/ -- LyondellBasell Industries today announced that LyondellBasell Industries AF S.C.A. has been voluntarily added to Lyondell Chemical Company's reorganization filing under Chapter 11 of the U.S. Bankruptcy Code to protect the European holding company against claims by certain financial and U.S. trade creditors.

LyondellBasell Industries AF S.C.A. is a holding company incorporated in Luxembourg. It does not manufacture or sell products, and has no employees.

LyondellBasell is exercising an option available under U.S. law to prevent creditors from enforcing guarantees by LyondellBasell AF S.C.A. for pre-petition obligations of LyondellBasell's U.S. businesses. It also prevents bondholders of Senior Notes due in 2015 from potentially pursuing remedies against LyondellBasell AF S.C.A. after an interest payment due on the notes in February was not paid. The company obtained a 60-day restraining order from the U.S. bankruptcy court in February to allow time for LyondellBasell to protect its European assets from these claims.

Extending Chapter 11 protection to LyondellBasell Industries AF S.C.A. is not an insolvency proceeding under any European law. No LyondellBasell manufacturing operation located outside of the United States has applied for or become involved in insolvency or bankruptcy proceedings in its respective home country.

"LyondellBasell continues to conduct business worldwide while the company develops its reorganization plan as part of the Chapter 11 process," said Ed Dineen, LyondellBasell's Chief Operating Officer. "All LyondellBasell companies remain committed to maintaining mutually beneficial relationships with suppliers and to serving customers as they did before this voluntary action."

LyondellBasell's U.S. operations and a holding company in Germany voluntarily filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code on Jan. 6 in order to facilitate a restructuring of the company's debts. Lyondell Chemical Company is one of the 79 LyondellBasell affiliates included in the original filing. LyondellBasell has obtained approximately $8 billion in debtor-in-possession (DIP) financing to fund continuing operations. The DIP financing includes two credit agreements: a $6.5 billion term loan (comprising $3.25 billion in new loans and a $3.25 billion roll-up of existing loans) and a $1.57 billion asset-backed lending facility. A complete listing of the filing entities and other information related to the Chapter 11 cases can be found through a link at the company's Web site, www.lyondellbasell.com.

About LyondellBasell Industries

LyondellBasell Industries is one of the world's largest polymers, petrochemicals and fuels companies. It is the global leader in polyolefins technology, production and marketing; a pioneer in propylene oxide and derivatives; and a significant producer of fuels and refined products, including biofuels. Through research and development, LyondellBasell develops innovative materials and technologies that deliver exceptional customer value and products that improve quality of life for people around the world. Headquartered in The Netherlands, LyondellBasell (www.lyondellbasell.com) is privately owned by Access Industries.

    Media Contact: David Harpole +1 713 309 4125


'/>"/>
SOURCE LyondellBasell Industries
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. China Biopharmaceuticals Holdings Announces Second Quarter 2007 Financial Results
2. Tutogen Medical, Inc. and Zimmer Holdings, Inc. Announce Agreement for International Distribution of Biological Products
3. Lixte Biotechnology Holdings, Inc. Announces the Initial Trading of Its Common Stock Under the Symbol: LIXT
4. RoundTable Healthcare Partners Closes Sale of MedAssist Holding, Inc. to Firstsource Solutions Limited
5. National Stem Cell Holding Announces Patent Application for Newly Discovered Cellular Derived Biomaterials for Anti-Aging Applications
6. National Stem Cell Holding in Final Stage Negotiations for Exclusive Licensing of its Recently Discovered Biomaterial for Anti-Aging Applications
7. Sunrise Biotech Holding Limited Application For Admission to PLUS
8. Zimmer Holdings Announces Support for Elimination of Super-Majority Voting Requirements
9. China Biopharmaceuticals Holdings Announces Third Quarter 2007 Financial Results
10. CVF Technologies Corporations Holding - BIOREM Announces 3rd Order from China
11. National Stem Cell Holding, Inc. Posts Company and Financial Information on the OTCIQ and Has Retained New CFO and Counsel to File Registration Statement With SEC
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2017)... (PRWEB) , ... June 23, 2017 , ... Biova, LLC., ... Ph.D. has joined Biova’s Board of Directors. Dr. Henig will bring a wealth of ... Henig has served as the Chief Technical and Scientific Officer of four major global ...
(Date:6/23/2017)... ... June 23, 2017 , ... ... all six of their healthcare job boards. As the largest network of ... therapists, and biotechnicians, DocCafe.com and the MedJobCafe.com Health Network work to match ...
(Date:6/22/2017)... ... June 21, 2017 , ... ... North Carolina, and engages Timothy Reinhardt to manage the new site. , Tim ... Pfizer Inc, with his most recent role as the Director of Manufacturing and ...
(Date:6/22/2017)... , ... June 22, 2017 , ... ... leaders in designating infertility as a disease, bringing new hope for prospective parents ... their 2017 annual meeting to back the World Health Organization’s designation in hopes ...
Breaking Biology Technology:
(Date:3/27/2017)... , March 27, 2017  Catholic Health ... and Management Systems Society (HIMSS) Analytics for achieving ... Adoption Model sm . In addition, CHS previously ... U.S. hospitals using an electronic medical record (EMR). ... its high level of EMR usage in an ...
(Date:3/23/2017)... -- The report "Gesture Recognition and Touchless Sensing Market by Technology ... Forecast to 2022", published by MarketsandMarkets, the market is expected to be worth ... and 2022. Continue Reading ... ... ...
(Date:3/22/2017)... March 21, 2017 Optimove , ... by retailers such as 1-800-Flowers and AdoreMe, today ... Recommendations and Replenishment. Using Optimove,s machine learning algorithms, ... product and replenishment recommendations to their customers based ... predictions of customer intent drawn from a complex ...
Breaking Biology News(10 mins):