US Bankruptcy Court approves terms of LyondellBasell's DIP financing

In a bid to enable Lyondell Chemical Company to emerge from Chapter 11 bankruptcy protection, a US Bankruptcy Court for the Southern District of New York has given a go-ahead to the terms of the company's US$8 bln in debtor-in-possession financing. This action will allow the company access to an additional US$1.083 bln of the DIP financing and will make an additional EUR 260 mln available to LyondellBasell entities that are organized outside of the United States. The DIP financing includes two credit agreements: a US$6.5 bln term loan comprising US$3.25 bln in new loans and a US$3.25 bln roll-up of existing loans, and a US$1.54 bln asset-backed lending facility. The DIP lenders include a combination of banks and investment firms, such as hedge funds and private equity firms. "These funds will support the uninterrupted operation of our businesses worldwide, giving confidence to our many suppliers and allowing us to continue serving the needs of our global customers," said Volker Trautz, chief executive officer of LyondellBasell Industries. "This final approval of our DIP credit agreements means that we can turn our full attention to the task of emerging from Chapter 11 protection with a new capital structure and a strengthened business platform." LyondellBasell's U.S. operations and one of its European holding companies voluntarily filed to reorganize under Chapter 11 of the US Bankruptcy Code on Jan. 6 in order to facilitate a restructuring of the company's debts.
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Milacron 450 ton electric injection molding machine

Milacron 450 ton electric injection molding machine