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:3/23/2017)... , March 23, 2017 Kineta, Inc., ... of novel therapies in immuno-oncology, today announced the ... small molecule compounds that activate interferon response factor ... and demonstrate immune-mediated tumor regression in a murine ... study who demonstrated complete tumor regression to initial ...
(Date:3/23/2017)... , March 23, 2017 According to ... products and derivatives market is fragmented due to the presence of a ... as Proliant, Thermo Fisher , and Sigma-Aldrich, compete with each ... three companies, collectively, held more than 76% of this market in ... As of ...
(Date:3/23/2017)... YORK , March 23, 2017 ... look at four equities in the Biotech industry: Sangamo ... Synthetic Biologics Inc. (NYSE MKT: SYN), and Regulus Therapeutics ... 21 st , 2017, Credit Suisse upgraded its rating on ... by downloading their free report at: ...
(Date:3/22/2017)... TARRYTOWN, N.Y. , March 22, 2017 Regeneron ... among the Regeneron Genetics Center (RGC), U.K. Biobank and GSK ... in the U.K. Biobank resource. The initiative will enable researchers ... of new medicines for a wide range of serious and ... ...
Breaking Biology Technology:
(Date:3/24/2017)... , Mar 24, 2017 Research and Markets ... System Market Analysis & Trends - Industry Forecast to 2025" ... ... grow at a CAGR of around 15.1% over the next decade ... industry report analyzes the market estimates and forecasts for all the ...
(Date:3/23/2017)... Research and Markets has announced the addition of the "Global ... 2025" report to their offering. ... The Global Vehicle Anti-Theft System Market is ... next decade to reach approximately $14.21 billion by 2025. ... all the given segments on global as well as regional levels ...
(Date:3/22/2017)... Optimove , provider of the ... as 1-800-Flowers and AdoreMe, today announced two new ... Using Optimove,s machine learning algorithms, these features allow ... recommendations to their customers based not just on ... intent drawn from a complex web of data ...
Breaking Biology News(10 mins):