LyondellBasell exits Chapter 11 with new ownership

Polyolefins supplier LyondellBasell has emerged from Chapter 11 bankruptcy protection with new ownership.

The company, which secured approval from the majority of the voting creditor classes, has about US$5.2 billion of net consolidated debt and US$3 billion of opening liquidity, according to a company news release. The company also issued nearly 564 million shares of common stock under its reorganization plan.

A new parent company, LyondellBasell Industries N.V., incorporated in the Netherlands, is the successor of the former parent company, LyondellBasell Industries AF S.C.A., a Luxembourg company that is no longer part of LyondellBasell. LyondellBasell Industries N.V. owns and operates substantially the same businesses as the previous parent company, including subsidiaries that were not involved in the bankruptcy cases. LyondellBasell’s corporate seat is Rotterdam, Netherlands, with administrative offices in Houston and Rotterdam.

“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,” said CEO Jim Gallogly. “Our employees have worked diligently for more than one year to bring us to this point…and we can now devote our full attention to making LyondellBasell the best company in our industry.”