LyondellBasell Sets Stage To Emerge From Bankruptcy

LyondellBasell Industries has filed a plan with a New York City court to emerge from bankruptcy as early as the end of this year. The company’s U.S. subsidiaries have been operating under bankruptcy protection since January. Under the plan, a new holding company would own all of LyondellBasell’s operations, including non-U.S. affiliates that were not included in the original bankruptcy petition. Most creditors that had been granted payouts in the bankruptcy proceedings would receive equity in the new company. Eventually, there would be a public offering of common shares of the new firm, which would be listed on the New York Stock Exchange.