Lyondell hold co joins US operations in chapter 11

LyondellBasell Industries announced today that it, the holding company, has been added to its US operating arm, Lyondell Chemical's chapter 11 filing under the US bankruptcy code. The move is intended to protect the European holding company against claims by certain financial and US trade creditors, the company said.

Chapter 11 protection will keep pre-petition creditors of LyondellBasell's US businesses from pursuing repayment of obligations guaranteed by LyondellBasell, the holding company. Bondholders of the 2015 notes are also prevented from pursuing remedies against LyondellBasell.

The company claims that extending protection from creditors to its European holding company does not constitute an insolvency proceeding under any European law.