LyondellBasell Files For Chapter 11 Bankruptcy Protection

Solvay, industry news, major

0
73

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. 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.

As you join us today from India and elsewhere, we have a favour to ask. Through these times of ambiguity and challenge, the packaging industry in India and in most parts of the world has been fortunate. We are now read in more than 90 countries as our coverage widens and increases in impact. Our traffic as per analytics more than doubled in 2020 and many readers chose to support us financially even when advertising fell to pieces.

As we come out of the pandemic in the next few months, we hope to again expand our geography and evolve our high-impact reporting and authoritative and technical information, with some of the best correspondents in the industry. If there were ever a time to support us, it is now. You can power Packaging South Asia’s balanced industry journalism and help to sustain us by subscribing.

Subscribe Now