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LyondellBasell files for Chapter 11

This article was originally published in The Rose Sheet

Executive Summary

Dutch chemicals firm LyondellBasell is restructuring its debts by filing for bankruptcy in the U.S., firm says Jan. 6. Firm's fragrance and flavor company Millennium Specialty Chemicals in Jacksonville, Fla., as well as its 30 locations in the U.S. and a German holding company, Basell Germany Holdings GmbH, are affected. Firm cites softened demand for its products, a rise in raw material costs and customers postponing orders to reduce their inventories. "Over the past several months, we announced plans to significantly reduce headcount and also reduced capital expenditures and working capital," says CEO Volker Trautz. "We have also idled certain facilities and reduced production and processing at others. We are aggressively exploring additional ways to lower our costs and streamline operations in response to a very difficult global economic environment." All of the firm's non-U.S. companies and affiliates will continue as usual, according to Jan. 8 release
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