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This is an archive article published on May 2, 2010

LB emerges from bankruptcy protection

LyondellBasell has emerged from bankruptcy protection after a 16-month period.

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Dutch Petrochemicals major LyondellBasell,which turned down a takeover offer from Reliance Industries recently,has emerged from bankruptcy protection after a 16-month period.

8220;This marks a new beginning for LyondellBasell. 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,8221; LyondellBasell CEO Jim Gallogly said in a statement on Friday.

The Netherlands-based LyondellBasell8217;s European finance division and American operations had filed for bankruptcy protection on January 6,2009,due to weak sales and high debt.

The company8217;s plan of reorganisation was confirmed last week by the United States Bankruptcy Court for the Southern District of New York with the approval of an overwhelming majority of the voting creditor classes.

LyondellBasell has a significantly improved financial position at emergence,with around USD 5.

 

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