LyondellBasell Joins US Unit In Ch. 11 Proceedings

Law360, New York (April 24, 2009, 12:00 AM EDT) -- LyondellBasell Industries AF SCA has joined the bankruptcy proceedings of U.S. affiliate Lyondell Chemical Co. to protect against claims from certain financial and trade creditors, the petrochemical giant announced Friday.

The Luxembourg-based holding company filed its voluntary Chapter 11 petition Friday in the U.S. Bankruptcy Court for the Southern District of New York, where Lyondell Chemical has been reorganizing since January.

LyondellBasell said the filing would prevent creditors from enforcing the holding company's guarantees for prepetition obligations of LyondellBasell's U.S. businesses. It also prevents bondholders of...
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