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LyondellBasell Postpones Payment to Lenders, Plans Debt Restructuring

1:40 PM MST | December 30, 2008

LyondellBasell has reached an agreement with lenders to postpone payment of $160 million in fees related to a bridge loan that were due December 19, and is working with "lenders on an extension of payment dates and the restructuring of its debt obligations." The company disclosed the postponement and negotiations with lenders in regulatory filings yesterday. The lead arrangers on the bridge loan included Merrill Lynch, Goldman Sachs, Citigroup, ABN Amro, and UBS. LyondellBasell has retained Evercore Partners as financial advisor and Alix Partners as...

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