Rotterdam, the Netherlands - LyondellBasell, which amongst other capabilities is the world's largest producer of propylene oxide, has emerged from Chapter 11 bankruptcy protection, the company announced 30 April. LyondellBasell's reorganisation plan was confirmed last week by the US Bankruptcy Court for the Southern District of New York and had approval from most of the voting creditors.
"We emerge from bankruptcy as a stronger, leaner, more competitive company, with an improved balance sheet and liquidity, intent on making LyondellBasell the industry leader," said Jim Gallogly, chief executive officer.
"We can now devote our full attention to making LyondellBasell the best company in our industry, committed to operational excellence, further improving our competitiveness, and most of all, serving our customers. We will continue to develop and deliver the innovative products and technologies our customers value," he said.
LyondellBasell said it now has a significantly improved financial position, with about $5200 million of net consolidated debt and approximately $3000 million of opening liquidity. As part of its exit financing, LyondellBasell raised $3250 million of first priority debt as well as $2800 million through a rights offering.
LyondellBasell says it is the world's third-largest independent chemical company with 2009 sales of $30 800 million, and 59 sites in 18 countries, including joint ventures. Over half its 2009 revenues were generated from sales in North America, 35 percent from sales in Europe and 11 percent from sales in the rest of the world.