LyondellBasell files for bankruptcy

LyondellBasell has become the largest-ever chemical company bankruptcy, just 12 months after its formation. Its US operations (Lyondell Chemical Co), and Basell Germany Holdings GmbH, filed for Chapter 11 protection in New York tonight. The company expects its other non-US operating entities to continue to function independently of the Chapter 11 process.
The blog is saddened by the news, particularly by the effect it will have on employees and business partners. But it will come as no surprise to blog readers. On 20 July 2007, just after the deal was announced, the blog commented as follows:

3 thoughts on “LyondellBasell files for bankruptcy”

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    The fallout from the Lyondell bankruptcy continues to grow. One analyst has suggested Swiss bank UBS has exposure of $500m – $1.5bn. Other banks, including Citi and the UK’s RBS, also have large exposures. Writing-off these debts will in turn…

  2. Dow’s debt ratings cut – could hit junk status

    Over the last few weeks, INEOS had to scramble to get a covenant waiver from its lenders, and Lyondell went into Chapter 11. Now Dow’s debt is facing a potential cut to junk status from the main ratings agencies. Dow’s…

  3. LyondellBasell may be largest-ever bankruptcy

    The financial fallout from the Lyondell (LBI) bankruptcy continues, as the banks slowly begin to acknowledge their losses. According to Bloomberg, Len Blavatnik (Access Industries chairman) “didn’t put any of his firm’s money toward buying Lyondell”. B…

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