LyondellBasell emerges from Chapter 11 bankruptcy
The move came after its Plan of Reorganization was confirmed last month by the United States Bankruptcy Court for the Southern District of New York.
The firm is now owned by Dutch-incorporated company LyondellBasell Industries NV, which “owns and operates substantially the same businesses as the previous parent company, including subsidiaries that were not involved in the bankruptcy cases”, said an official LyondellBasell statement. The company will now be headquartered in Rotterdam, with its US base in Houston.
The chemicals giant makes rigid and flexible packaging for the food and pharmaceutical industries, as well as chemicals for a host of sectors including cosmetics. It voluntarily filed for Chapter 11 bankruptcy to reorganise its US operations and one of its European holding companies in January 2009.
The company said it debt position had "significantly improved” and that it had approximately $5.2bn of net consolidated debt and approximately $3bn of opening liquidity.
CEO Jim Gallogly said: "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. We will continue to develop and deliver the innovative products and technologies our customer's value.”
LyondellBasell said it is the world's third-largest independent chemical company with 2009 sales of $30.8bn. Including joint ventures, the company has 59 sites in 18 countries. Around 54 per cent of 2009 revenues were generated from sales in North America, 35 per cent from European sales and 11 per cent from sales in the rest of the world.
