On April 30, 2010 LyondellBasell announced that the company has emerged from Chapter 11 bankruptcy protection. The company's Plan of Reorganization was confirmed last week by the United States Bankruptcy Court for the Southern District of New York with the approval of an overwhelming majority of the voting creditor classes.
LyondellBasell has a significantly improved financial position at emergence, with approximately 5.2 billion dollar of net consolidated debt and approximately 3 billion dollar of opening liquidity.  As part of its exit financing, LyondellBasell raised 3.25 billion dollar of first priority debt as well as 2.8 billion dollar through a rights offering.  The proceeds from the sale of notes, borrowings under a term loan, an asset-based lending facility, a new European securitization facility and the rights offering proceeds, were used to pay and replace certain existing debt and other obligations, including debtor-in-possession credit facilities and an existing European securitization facility, and to make certain other payments.
LyondellBasell is the world's third-largest independent chemical company with 2009 sales of 30.8 billion dollar.  The company manufactures products at 59 sites in 18 countries, including joint ventures.  Approximately 54 percent of 2009 revenues were generated from sales in North America, 35 percent from sales in Europe and 11 percent from sales in the rest of the world.