As managing editor of The Wall Street Journal is reporting today that LyondellBasell Industries AF may file for Chapter 11 protection from creditors. The story quotes unnamed sources who told lenders on Monday that the company "has hired bankruptcy counsel and told lenders it is trying to line up as much as $2 billion in bankruptcy financing."
Bloomberg is reporting that LyondellBasell investors "face losses of more than 90 cents on the dollar" as the company "struggles to restructure debt that financed a $12.7 billion takeover a year ago."
At this point (9 a.m. on Dec. 31), LyondellBasell has no word on the possible Chapter 11 on its Web site. The company did post a news release yesterday clarifying a Standard & Poors release, noting that LyondellBasell is not currently in default of its bank agreements.