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LyondellBasell Misses European Payment; Creditors Seek Investigation into 2007 Merger

5:12 AM MDT | March 23, 2009 | KARA SISSELL AND VINCENT VALK

LyondellBasell has missed the deadline for paying interest on European bonds due in 2015, but a 60-day restraining order recently approved by a U.S. bankruptcy court gives the company until late April to resolve the matter and avoid an official default, a company spokesperson says. LyondellBasell says it has made a payment on a separate 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...

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