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

2:31 PM MST | January 12, 2009 | REBECCA COONS

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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