Entries from Chemicals & The Economy tagged with 'LyondellBasell'
Reliance offers c$10bn for LyondellBasell (Update 1)
LyondellBasell (LBI) yesterday confirmed the rumoured takeover bid from Reliance. In a statement posted on its website, it says it has "received a preliminary non-binding offer from Reliance Industries Limited to acquire for cash a controlling interest in the company...
Insights from LyondellBasell and BASF
Recent comments from LyondellBasell's COO, and BASF's CEO, seem worth highlighting as we come to the end of the results season. Ed Dineen noted that China's polyethylene demand seems partly linked to changes in crude oil pricing, "It turned down...
Difficult times call for tough decisions
Downturns are difficult times. There is always the hope that markets might improve, and this can delay the implementation of tough decisions on plant closures. Nobody wants to shut down, and then see a competitor benefit from an improving market....
$26bn LyondellBasell restructuring hits legal minefield
Vita's restructuring was relatively simple from a legal point of view, as it just involved European rules. But Lyondell Chemical's bankruptcy filing last month under the US Chapter 11 process seems to have thrown up some very complex legal issues....
LyondellBasell may be largest-ever bankruptcy
The financial fallout from the Lyondell (LBI) bankruptcy continues, as the banks slowly begin to acknowledge their losses. According to Bloomberg, RBS has taken a $1.47bn hit, Citigroup $1.4bn, and Goldman Sachs $850m. UBS are also believed to have lost...
INEOS announce €1bn inventory loss in Q4
In early October, I forecast that we were about to revisit "the scariest moment of my 30 year chemical career", adding that: "The moment the blog has long feared, and warned about, may be about to arrive. It appears that...
Dow's debt ratings cut - could hit junk status
Over the last few weeks, INEOS had to scramble to get a covenant waiver from its lenders, and Lyondell went into Chapter 11. Now Dow's debt is facing a potential cut to junk status from the main ratings agencies. Dow's...
Obama's new Plan reveals "uncertainty"
The new ACC weekly report rightly notes that "any economic recovery will likely begin with a turnaround in the residential housing situation". This is also the critical issue for the chemical industry, still reeling from last week's Lyondell bankruptcy...
Bank shares drop on LyondellBasell exposure
The fallout from the Lyondell bankruptcy continues to grow. One analyst has suggested Swiss bank UBS has exposure of $500m - $1.5bn. Other banks, including Citi and the UK's RBS, also have large exposures. Writing-off these debts will in turn...
LyondellBasell files for bankruptcy
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...
The CEO's survival guide
The past few weeks have not been good for the chemical industry, with 4 major companies suffering significant problems: BASF warned that "customer demand in key markets has declined significantly" since October, and have temporarily shutdown 80 plants worldwide, whilst...
LyondellBasell considers bankruptcy
2008 has not ended well for the chemical industry. First there was the collapse in demand, as the various value chains destocked in response to slowing consumer demand and lower oil prices. Then INEOS, the world's 3rd largest chemical company,...
LyondellBasell debt downgraded, INEOS seeks waivers
Current market conditions are causing problems for everyone in the chemical industry. But as the blog has long feared, they are particularly testing those companies with higher debt levels. On Friday, Moody's announced a downgrading of the Corporate Family Rating...
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