China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
LyondellBasell says all reorganization options open
AMSTERDAM (Reuters) - LyondellBasell said on Thursday all options were open for the reorganization of its global operations, including divestments, after the company filed in the U.S. for Chapter 11 bankruptcy protection.
"Everything is open at this point," spokesman David Harpole said. "We're looking at a variety of actions to position ourselves to successfully go forward."
Struggling under massive debt and slumping demand for its products, the world's third-largest petrochemical company filed for bankruptcy protection in a New York court on Tuesday.
The company said that while it sought to restructure its debt in the U.S., its global operations would continue operating as normal.
In its Chapter 11 court filing, the company said it had appointed London-based law firm Clifford Chance to advise it on the reorganization of its European operations.
Spokesman Harpole said on Thursday the company would present a reorganization plan for its worldwide operations on a date determined by the court and that the company would look at all options.
The bankruptcy filing included almost 80 units of the company and encompassed its U.S. operations and a German financing arm, which LyondellBasell said was used as a bridge for financing between the U.S. and Europe.
The Dutch-based privately owned company took on billions of dollars in debt obligations a year ago when billionaire Len Blavatnik led a $12.7 billion leveraged buyout of U.S. firm Lyondell by Basell of the Netherlands.
The case is: In re Lyondell Chemical Co., U.S. Bankruptcy Court, Southern District of New York (Manhattan), No. 09-10023.
(Reporting by Aaron Gray-Block, editing by Will Waterman)
