06 January 2009 17:04 [Source: ICIS news]
LONDON (ICIS news)--Negotiations between highly-leveraged petrochemical giant LyondellBasell and its creditors continued on Tuesday, according to a source at the company, with progress reportedly being made.
“While Chapter 11 is an option that has been discussed, but it is only one option, and I think it is an option which a lot of companies have at least discussed recently,” said the source.
LyondellBasell was formed in 2007 via a merger between the Dutch-based Basell, a unit of Russian-born billionaire Len Blavatnik's Access Industries, and Houston-based Lyondell in a $12.7bn deal.
($1 = €0.74)
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