LyondellBasell defers deadline to repay US$160 mln to lenders

31-Dec-08
LyondellBasell has postponed the deadline to repay US$160 mln in fees to lenders and is holding negotiations with the lenders about restructuring debt obligations. LyondellBasell was formed by Basell's US$20.1 bln (including debt) acquisition of Lyondell Chemical in 2007. At the end of September it had total interest-bearing loans and borrowings of US$18.61 bln, including loans and junk bonds. As per Lyondell Chemical, in a filing with the US Securities and Exchange Commission, its parent had agreed on December 19 to postpone the payment date for US$160 mln in fees for a bridge loan until December 29.
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