LyondellBasell

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  • LyondellBasell is one of the world's largest plastics makers, formed after the 2007 acquisition of Lyondell Chemical by Basell AF. Because of deteriorating financial conditions including the automotive industry, LyondellBasell has begun "selective default" on some of its debts. While LyondellBasell's creditors are facing losses of more than 90 percent, the company is rumored to be considering bankruptcy.Bloomberg.com: LyondellBasell Lenders May Lose... (December 31, 2008)

    A deadline for LyondellBasell to renegotiate terms of its $26 billion debt passed on January 4, 2009, with no statement from the company.Guardian: Lyondell bonds at rock bottom on bankruptcy fears

  • Background

    The Basell AF company purchased competitor Lyondell Chemicals in December 2007, creating one of the largest chemical and plastics companies in the world. In December 2008 the company postponed $280 million in debt payments, causing several investment firms to cut their ratings on the debts. Following a meeting with creditors to negotiate debt restructuring, the company hired a bankruptcy adviser.CNBC: LyondellBasell's Options Include Bankruptcy (December 31, 2008)

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