Submitted by Manish Sood on Wed, 01/07/2009 - 05:22
New York/Rotterdam - US subsidiaries of Dutch-based chemical producer LyondellBasell Industries AF SCA filed for bankruptcy late Tuesday in New York.
In a statement, LyondellBasell said that it was seeking protection from creditors for its US affiliates, citing "dramatic softening in demand" in the last half of 2008. The firm hopes for a turnaround later this year.
Houston-based Lyondell Chemical Co is the most notable of the US subsidiaries. (dpa)
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