LyondellBasell Files For Chapter 11 Bankruptcy Protection

Solvay, industry news, major

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The US operations of LyondellBasell Industries and Basell Germany Holdings, one of its European holding companies, have filed for Chapter 11 protection in US bankruptcy Court in New York. With the help of their bankruptcy lawyers, they have filed for voluntary reorganisation while continuing operations and its relationships with customers and suppliers. They will be working on restructuring their debt to position their business for the long term. The company announced that it has made arrangements for up to US$ 8 billion in debtor-in-possession financing to fund ongoing operations, subject to the approval of the bankruptcy court -By Clicking Here, you can get more information on the same. Of this amount, US$ 3.25 billion represents new funding, US$ 3.25 billion represents refinancing of certain obligations under existing senior secured credit facilities and the balance US$ 1.5 billion represents replacement of existing working capital facilities.

LyondellBasell is the world’s largest manufacturer of polyolefins and the world’s largest producer of polypropylene (PP). It is also North America’s second largest producer of both LDPE and HDPE. It was formed in 2007 with Basell International Holdings’ buyout of Lyondell Chemicals for US$ 12.7 billion. In February 2008, the company added to its compounding capacity by buying out US Solvay Engineered Polymers, a major PP compounder.

The Covid-19 pandemic led to the country-wide lockdown on 25 March 2020. It will be two years tomorrow as I write this. What have we learned in this time? Maybe the meaning of resilience since small companies like us have had to rely on our resources and the forbearance of our employees as we have struggled to produce our trade platforms.

The print and packaging industries have been fortunate, although the commercial printing industry is still to recover. We have learned more about the digital transformation that affects commercial printing and packaging. Ultimately digital will help print grow in a country where we are still far behind in our paper and print consumption and where digital is a leapfrog technology that will only increase the demand for print in the foreseeable future.

Web analytics show that we now have readership in North America and Europe amongst the 90 countries where our five platforms reach. Our traffic which more than doubled in 2020, has at times gone up by another 50% in 2021. And advertising which had fallen to pieces in 2020 and 2021, has started its return since January 2022.

As the economy approaches real growth with unevenness and shortages a given, we are looking forward to the PrintPack India exhibition in Greater Noida. We are again appointed to produce the Show Daily on all five days of the show from 26 to 30 May 2022.

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