Tuesday, January 06, 2009

Fears of bankruptcy depresses LyondellBasell's bond value to barely 10% of face value

As the company seems poised on the verge of bankruptcy, LyondellBasell's bonds traded at a value at approximately 10% of face value. Currently, the company is caving under the weight of a US$26 bln deebt and deteriorating product demand, Bonds issued by Lyondell traded at 10-12% of face value, while the Euro denominated Basell bonds were quoted at about 5% of face value.

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