Issue Date: February 16, 2009
Lyondell Protects European Parent
A U.S. bankruptcy court issued a temporary restraining order to prevent creditors of Houston-based Lyondell Chemical from seeking action against its European parent company, LyondellBasell Industries. The order also prevents holders of loans due in 2015 from trying to force early repayment of the debt. U.S.-based operating facilities of LyondellBasell filed for Chapter 11 bankruptcy protection in January, triggering the creditors' aggressive moves. Separately, LyondellBasell has idled its low-density-polyethylene facilities in Carrington, England, and Fos-sur-Mer, France, due to low demand. The idled plants have a combined capacity of 295,000 metric tons per year and will remain off-line into the second quarter of this year.
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