Creditors choose advisers to retrieve $26bn at LyondellBasell
Sunday 25 January 2009
Creditors owed $26bn (£19bn) by LyondellBasell, the world's third-biggest chemical maker which filed for bankruptcy this month, will select advisers this week to retrieve that debt.
International debt specialists Houlihan Lokey and Blackstone will lead the chase for the top advisory roles. There are huge numbers of mandates available, but the two restructuring firms can expect to pick up major roles due to their international presence. Lyondell, based in the Netherlands, has offices in 19 countries.
Basell, the Dutch group, took over Houston-based Lyondell Chemical in a $12.7bn deal in 2007, which was financed entirely in loans.
A collapse in demand for petrochemical products forced the firm to enter 79 of its subsidiaries into Chapter 11 bankruptcy on 6 January. It hired AlixPartners to work with creditors on debt negotiations. The law firm Clifford Chance is advising Lyondell on its European operations.
Billionaire Len Blavatnik was the ultimate owner of LyondellBasell, is ranked in the top 30 richest Americans by Forbes magazine. The firm has sales of more than $54bn and 17,000 employees. Its products are used in fresh-food packaging and construction materials.
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