LyondellBasell Fails To Pay Bond Interest | March 23, 2009 Issue - Vol. 87 Issue 12 | Chemical & Engineering News
Volume 87 Issue 12 | p. 22 | Concentrates
Issue Date: March 23, 2009

LyondellBasell Fails To Pay Bond Interest

Department: Business

LyondellBasell Industries hasn't made interest payments on two bonds due in 2015. The interest was originally due in mid-February, but the company had a 30-day grace period to pay. LyondellBasell spokesman David Harpole says the company cannot make the payments because of legal reasons related to the bankruptcy of its U.S. subsidiaries. "There are a number of contractual restrictions that limit the company's ability to pay the interest," he says. Once the legal issues are resolved, the company can make a "final determination" of how it can proceed, he adds, noting that LyondellBasell has a 60-day restraining order against holders of those bonds. The company did recently pay interest on bonds due in 2027. Separately, LyondellBasell has named Edward J. Dineen chief operating officer. Dineen, 54, has spent more than 30 years with LyondellBasell and predecessor companies and was most recently the president of LyondellBasell's chemical division.

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