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.
Chapter 11 for LyondellBasell?
Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Plastics News would love to hear from you. Email your letter to Editor at [email protected]
The only North American conference targeting plastics caps and closures makers, the Plastics Caps & Closures conference, held Sept. 9-11, 2019, in Chicago, provides a hotbed of discussion on many of the top innovations, process and product technologies, materials, trends and consumer insights that influence both packaging and caps and closures development.