Rotterdam, Netherlands - LyondellBasell, the world's largest producer of propylene oxide, has had its bankruptcy reorganisation plan approved, and expects to emerge from Chapter 11 on 30 April 2010.
Jim Gallogly, LyondellBasell's chief executive officer said, "Through this reorganisation we have solidly positioned the company to be an industry leader with a significantly improved balance sheet, excellent liquidity, a more efficient organisational structure, and a new management team."
On emergence from Chapter 11, the company expects to have consolidated debt of about $7200 million ($5200 million net), and about $2400 million in lending commitments. When the polyolefins group filed for Chapter 11, it had consolidated debt of about $2400 million.
"Our reorganisation plan significantly de-levers our capital structure," Gallogly said.
LyondellBasell says it is the world's third-largest independent chemical company with 2009 sales of $30800 million, and 59 plants in 18 countries. Key uses for its products include rigid and flexible packaging, transportat fuels, containers, plastic pipe, detergents, cosmetics, electronics, appliances, automotive parts, paints and coatings, furnishings, construction and building materials and other industrial and consumer goods applications.