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LyondellBasell’s European Unit Misses Interest Payment

10:38 AM MST | February 19, 2009 | Kara Sissell

LyondellBasell’s says its European operations missed a bond interest payment earlier this week, but the company has a 30-day grace period before it falls into default. The company would not comment on whether or when it intends to make the bond payment, but says there are a number of legal issues that have to be resolved prior to the grace period expiration in mid March. The missed payment comes after LyondellBasell’s U.S. division had secured a temporary restraining order preventing any of the company’s creditors from taking legal action...

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