LyondellBasell’s Exit Strategy

Emergence from Bankruptcy Puts Company on Track to Grow After less than 16 months in Chapter 11 bankruptcy protection, LyondellBasell emerged largely intact with a lower cost base and significantly improved balance sheet. “The road through bankruptcy was difficult, but the outcome is favorable,” CEO Jim Gallogly tells CW. Gallogly: Exiting Chapter 11 with a better cost base and improved balance sheet. LyondellBasell was formed in December 2007 by Access Industries’ $20-billion acquisition of Lyondell Chemical, which was funded almost entirely...

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