LyondellBasell has become the largest-ever chemical company bankruptcy, just 12 months after its formation. Its US operations (Lyondell Chemical Co), and Basell Germany Holdings GmbH, filed for Chapter 11 protection in New York tonight. The company expects its other non-US operating entities to continue to function independently of the Chapter 11 process.
The blog is saddened by the news, particularly by the effect it will have on employees and business partners. But it will come as no surprise to blog readers. On 20 July 2007, just after the deal was announced, the blog commented as follows: