LyondellBasell’s Chapter 11 Reorganization

Date Announced:

Ad Hoc Group of Senior Secured First Lien Lenders of LyondellBasell

Closed – 04/2010

$24 billion Read the case study

Financial advisor to the Ad Hoc Group of First Lien Lenders of LyondellBasell on its $24.0 billion Chapter 11 Reorganization

On April 30, 2010, LyondellBasell Industries N.V. (“LyondellBasell,” NYSE: LYB), the world’s third largest independent chemical company based on revenues, successfully emerged from Chapter 11 bankruptcy. The company voluntarily filed for Chapter 11 bankruptcy, resulting from a sudden loss of liquidity caused by the rapidly deteriorating economic environment, in January 2009. Moelis & Company served as financial advisor to the Ad Hoc Group of First Lien Lenders and participated in all aspects of the restructuring process, including leading business due diligence, analyzing alternative plan structures, structuring the rights offering, evaluating exit financing structures, negotiating settlements with other creditor constituencies and assisting in the development and negotiation of the plan of reorganization. Additionally, Moelis & Company was integral in negotiating and structuring LyondellBasell’s $2.8 billion rights offering that was backstopped by members of the Ad Hoc Group as well as the $7.2 billion exit financing. Moelis & Company also acted as the Ad Hoc Group’s principal advisor in connection with negotiating the $6.5 billion Debtor-in-Possession (“DIP”) Term Loan, assembling one of the largest DIP financings ever during a period of great uncertainty in the credit markets.

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