LyondellBasell seeks cover

LyondellBasell, the world’s third-largest petrochemicals company, on Tuesday filed to place 79 of its global affiliates under bankruptcy protection after an unsuccessful attempt to restructure its $26bn of debt. The company said last night it had secured $8bn of debtor-in-possession financing, including $3.25bn in new financing, from a group of lenders in order to continue operations. Lyondell Chemical listed assets of $27.1bn and debt of $19.4bn. LyondellBasell, which was created in 2007 when Netherlands-based Basell bought Houston’s Lyondell for $12.7bn, did not include several hundred of its affiliates throughout Europe, Asia and other regions in the bankruptcy filing.