LyondellBasell Industries AP SCA is bringing in a turnaround team in an effort to avoid filing for Chapter 11 reorganization, according to a report in The Times of London. According to the report, Kevin McShea, managing director of AlixPartners in New York, will become chief restructuring officer. The story describes him, and his mission:
Mr. McShea, a veteran of US corporate turnarounds, and AP Services, a subsidiary of Alix, will parachute a team of temporary staff into LyondellBasell and its subsidiaries as they try to restructure the group, which is labouring under a total debt mountain of $26 billion. If successful, they will be eligible for a fee of up to $7 million.LyondellBasell had said on Dec. 31 that it was considering filing for Chapter 11. The company is suffering as a result of the decline in chemical prices and a heavy debt load. LyondellBasell is the world's largest maker of polyolefins. The company is the No. 1 maker of PP in North America and the world. The company also holds the No. 2 slot in both high and low density polyethylene in North America.