Wednesday, January 7, 2009

LyondellBasell’s U.S. Operations File Chapter 11

LyondellBasell’s U.S. Operations and one of its European Holding Companies File Chapter 11 to Restructure Balance Sheet.
- Company Has Commitment for Significant DIP Financing Including $3.25 Billion of New Funding
- Company Intends Global Business Operations to Continue Normally
- Filing Does Not Include LyondellBasell’s Non-U.S. Operating Companies

LyondellBasell Industries announced today that, in order to facilitate a restructuring of its debts, its U.S. operations and one of its European holding companies have voluntarily filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code. The company also announced that, pending Court approval, it has made arrangements for up to $8 billion in debtor-in-possession (DIP) financing to fund continuing operations. Of this total, $3.25 billion consists of new funding; $3.25 billion represents a refinancing of certain obligations under LyondellBasell's existing senior secured credit facilities; and $1.515 billion represents replacement of existing working capital facilities.

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