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Owner Denies LyondellBasell Request for Credit Extension

3:44 AM MST | January 6, 2009 |

CW Staff

LyondellBasell Industries said that a demand for a credit extension by its Lyondell Chemical subsidiary under a revolving credit agreement with an entity controlled by its owner Access Industries was denied last week. The company reported last week that it was considering a bankruptcy filing as it seeks to restructure its debt load.   "We disagree with the basis for this denial," Lyondell said in a regulatory filing on December 31. LyondellBasell has entered into an agreement to postpone payment of $281 million in fees and interest related to a...

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