HOUSTON (ICIS news)--A US bankruptcy court confirmed on Friday LyondellBasell's reorganisation plan, a development that could get the chemical major out of bankruptcy protection by 30 April and on the New York Stock Exchange by the third quarter of this year, the company said.
The court confirmation kicked off a series of events called for by the company's reorganisation plan, a blueprint for LyondellBasell's emergence from Chapter 11 bankruptcy protection.
The plan incorporated several settlements with creditors and environmental regulators.
A key part of that plan was a court-approved equity offering, under which Lyondell would convert about $18bn (┬14bn) of senior and bridge-loan debt into class A shares in the company.
Upon exiting bankruptcy protection, Lyondell expected to have roughly $7.2bn of total consolidated debt, the company said. In addition, LyondellBasell should have about $2bn of cash and about $2.4bn of lending commitments.
The reorganisation also created a new parent holding company, LyondellBasell Industries, incorporated in the Netherlands. The company's corporate seat would be in Rotterdam, LyondellBasell said, with administrative offices in Rotterdam and Houston.
LyondellBasell. The share in the Russian market in 2008:
PE - 1.4% (including HDPE - 2.5%, LDPE - 0.3%);
PP - 4.1% (including block-copolymers - 9.5%).
Annual sales growth in Russia, during the recent 5 years:
PE - 27%;
PP - 88%.
The leader in the following polymers processing technologies: