US Units Of LyondellBasell File For Ch. 11

Law360, New York (January 6, 2009, 12:00 AM EST) -- Following a week of rumors that bankruptcy was a possibility, the U.S. units of Dutch petrochemical giant LyondellBasell Industries AF SCA filed for Chapter 11 protection on Tuesday.

According to the petition filed in the U.S. Bankruptcy Court for the Southern District of New York, Lyondell Chemical Co. has assets of $27.1 billion and debts of $19.3 billion. Around 80 affiliated LyondellBasell entities filed for bankruptcy at the same time.

LyondellBasell said in a statement that the filing did not include its non-U.S. entities except one,...
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