LyondellBasell Industries

LyondellBasell Industries is a Luxembourg-domiciled, global chemicals company with approximately $26 billion in outstanding debt. It is the parent company of US-operating arm Lyondell Chemical, which filed for chapter 11 bankruptcy on 7 January 2009.

The company was formed in December 2007 when Basell Polyolefins acquired Lyondell Chemical.

While LyondellBasell, nor any of its European subsidiaries (with the exception of Basell Germany Holdings) were implicated in a cross-default, LyondellBasell's "2015 notes" - issued in two denominations, $615 million and €500 million, both with 8.375% coupon and maturing in August 2015 - have been a major point of contention, as the coupon payments were not made on 15 February 2009. Defaulting on these payments could have adverse implications for LyondellBasell.