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LyondellBasell Files for Chapter 11 for US Operations
Posted: January 8, 2009
LyondellBasell Industries (Rotterdam, Netherlands) has announced that its US operations, including Millennium Specialty Chemicals, have filed for Chapter 11 "in order to facilitate a restructuring of its debts," according to an official release. The company cites "unprecedented" softening of demand for its products and raw material cost volatility as contributing factors. Meanwhile, customers are delaying new orders in an attempt to reduce inventories. LyondellBasell says that global operations will continue uninterrupted. The company previously idled some facilities, decreased production and processing at other sites, and cut jobs. Today's announcement coincides with a commitment from LyondellBasell for $3.25 billion in new funding.