Wilmington Trust Named as Successor Indenture Trustee in LyondellBasell Industries Bankruptcy Case
LyondellBasell, headquartered in Rotterdam, The Netherlands, is the world’s third-largest independent chemical company. It was only last month that they accepted a grant from DEDO to expand into Delaware, and now a short time later LyondellBasell’s affiliate Lyondell Chemical Company has for Chapter 11 protection on January 6 in the United States Bankruptcy Court for the Southern District of New York.
Wilmington Trust announced on Friday that it has been named as successor indenture trustee for holders of approximately $615 million and €500 million of debt issued by LyondellBasell Industries AF S.C.A.
As the Successor Indenture Trustee, Wilmington Trust provides trustee and administrative services for creditors who hold LyondellBasell’s 8.375% senior notes due in 2015. Much like in the Tribune case from last week, Wilmington Trust is paid a fee for these services, which are specified in documents relating to the debt. Lyondell Chemical Company’s bankruptcy filing poses no credit or investment risk to Wilmington Trust, nor does it affect Wilmington Trust’s balance sheet.
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