LyondellBasell to not pay interest on European bonds due in 2015

17-Mar-09
LyondellBasell will not pay interest on its European bonds due in 2015 due to legal matters and intercreditor agreements. The company is already under chapter 11 bankruptcy protection in the USA, however, its European operations have not filed for bankruptcy protection. LyondellBasell's European operations were unsuccessful in making interest payments on its 2015 bonds on Feb. 15, despite a 30 day grace period that ended March 15. The company has made a scheduled payment on March 15 on its Euro bonds due in 2027, that do not have the same legal restrictions that restrict payment on the 2015 bonds.
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