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People & Business :: Companies

LyondellBasell Misses Second Deadline on 2015 Bond Payment; Court Order Gives Company More Time

2:56 PM MDT | March 16, 2009 | Kara Sissell

LyondellBasell has missed the deadline for paying interest on European bonds due in 2015, but a 60-day restraining recently approved by U.S. bankruptcy court gives the company until late April to resolve the matter and avoid an official default, a company spokesperson says. LyondellBasell made a separate payment on a bond due in 2027, however. There are “a number of contractual restrictions that limit the company from paying interest on the bond due in 2015. We have to address those issues before final determination can be made on how we will...

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