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Non-US operations not affected by Chapter 11 filing, LyondellBasell
09 Jan '09
2 min read
LyondellBasell Industries issued the following statement:
"In view of the many inquiries received by LyondellBasell questioning whether operations outside the United States are impacted by our Chapter 11 restructuring filings, we would like to stress that none of our operations outside the United States are impacted.
No LyondellBasell company or affiliate located outside of the United States has applied for or become involved in insolvency or bankruptcy proceedings in their respective home countries.
All of LyondellBasell's non-U.S. companies are conducting business as usual with no impact from the Chapter 11 restructuring filing by our U.S. operations and one European holding company. All LyondellBasell companies remain committed to maintaining mutually-beneficial relationships with suppliers and customers and to serving and operating in the market as they did before this voluntary action by the company.
Confusion apparently resulted from the inclusion of Basell Germany Holdings GmbH in the Chapter 11 filing, the only entity among the 79 LyondellBasell affiliates that is not registered in the United States. The filing by Basell Germany Holdings GmbH was not a result of insolvency under German law. Rather, including this non-U.S. holding company allows it to benefit from the special financing package that has been negotiated with lenders in connection with the Chapter 11 filing. The German holding company also will benefit from the moratorium on obligations under the existing financing arrangements that result from the filing."
"In view of the many inquiries received by LyondellBasell questioning whether operations outside the United States are impacted by our Chapter 11 restructuring filings, we would like to stress that none of our operations outside the United States are impacted.
No LyondellBasell company or affiliate located outside of the United States has applied for or become involved in insolvency or bankruptcy proceedings in their respective home countries.
All of LyondellBasell's non-U.S. companies are conducting business as usual with no impact from the Chapter 11 restructuring filing by our U.S. operations and one European holding company. All LyondellBasell companies remain committed to maintaining mutually-beneficial relationships with suppliers and customers and to serving and operating in the market as they did before this voluntary action by the company.
Confusion apparently resulted from the inclusion of Basell Germany Holdings GmbH in the Chapter 11 filing, the only entity among the 79 LyondellBasell affiliates that is not registered in the United States. The filing by Basell Germany Holdings GmbH was not a result of insolvency under German law. Rather, including this non-U.S. holding company allows it to benefit from the special financing package that has been negotiated with lenders in connection with the Chapter 11 filing. The German holding company also will benefit from the moratorium on obligations under the existing financing arrangements that result from the filing."
LyondellBasell Industries
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