LyondellBasell non-US ops unaffected by Chapter 11 filing

Rotterdam, Netherlands - LyondellBasell Industries has moved to assure empoyees and customers that its operations outside of US are not impacted by the company's Chapter 11 restructuring filings.

"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 LyondellBasell¹s non-U.S. companies are conducting business as usual with no impact from the Chapter 11 restructuring filing by our US operations and one European holding company," said a company statement.

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 US, said LyondellBasell. The filing by Basell Germany Holdings GmbH, it said, 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."