LyondellBasell Adds Non-operating Entities To Chapter 11
May 08, 2009
LyondellBasell Industries on Friday added 13 non-operating entities to Lyondell Chemical Company's reorganization filing under Chapter 11 of the U.S. Bankruptcy Code. All of the entities are U.S. companies and were added to the original Chapter 11 filing for administrative purposes. These filings will have no impact on current business or operations as none of the entities manufactures or sells products.
LyondellBasell also announced that the Claims Bar Date will be moved to June 30, 2009 in order to have only one claims deadline for all entities in Chapter 11.
LyondellBasell continues to conduct business worldwide while the company develops its reorganization plan as part of the Chapter 11 process. No LyondellBasell manufacturing operation located outside of the United States has applied for or become involved in insolvency or bankruptcy proceedings in its respective home country.
LyondellBasell voluntarily filed to reorganize its U.S. operations and one of its European holding companies under Chapter 11 of the U.S. Bankruptcy Code on Jan. 6, 2009, in order to restructure the company's debts. Additionally, LyondellBasell's parent company and its general partner were voluntarily added to the Chapter 11 reorganization filing on April 24 to protect the holding companies against claims by certain financial and U.S. trade creditors. Lyondell Chemical Company is one of the LyondellBasell affiliates included in these voluntary filings. A complete listing of the filing entities and other information related to the Chapter 11 cases can be found at the company's Web site, www.lyondellbasell.com.
LyondellBasell Industries is one of the world's largest polymers, petrochemicals and fuels companies. It is the global leader in polyolefins technology, production and marketing; a pioneer in propylene oxide and derivatives; and a significant producer of fuels and refined products, including biofuels. Through research and development, LyondellBasell develops innovative materials and technologies that deliver exceptional customer value and products that improve quality of life for people around the world.
Source: LyondellBasell Industries
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