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Leveraging LyondellBasell

2:31 PM MST | January 12, 2009 | Robert Westervelt robw@chemweek.com

The economic meltdown claimed industry’s first major casualty last week. LyondellBasell’s Chapter 11 filing for its U.S. operations puts the world’s largest producer of polypropylene and propylene oxide and one of the world’s top producers of ethylene, propylene, and polyethylene under the supervision of the U.S. bankruptcy court (p. 12). The start of a battle over who will eventually gain control of the company appeared to break out last week. A group of senior secured lenders filed a court motion seeking to block the participation of...

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