LyondellBasell’s U.S. Unit Files for Bankruptcy Protection

LyondellBasell Industries’ U.S. operations and one of its European holding companies filed for Chapter 11 bankruptcy protection last week, after ongoing negotiations with lenders failed to result in a credit extension agreement. The company says it has arranged for up to $8 billion in debtor-in-possession (DIP) financing to fund continuing operations, pending court approval. LyondellBasell posted revenues of $55 billion and Ebitda of $3.9 billion for the 12 months ended September 30, 2008. LyondellBasell was formed in July 2007 by Basell’s $20-billion...

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