NEW YORK — LyondellBasell Industries, the world’s third-largest independent chemical company, said Wednesday it its considering bankruptcy protection as a broadening recession eats away at consumer demand.
“We are looking to restructure our debt, and we are looking at all of our options,” company spokeswoman Susan Moore said. “Filing for Chapter 11 protection is one of those options.”
The company is controlled by Russian billionaire Len Blavatnik, who serves as chairman. Blavatnik is one of several wealthy Russian investors who were involved last year in a fight for control over TNK-BP, a joint venture with British oil company BP PLC.
LyondellBasell’s problems come just a year after Basell International Holdings paid $12.7 billion for Houston-based Lyondell Chemical, taking on an enormous debt load shortly before credit markets dried up.
A rash of what turned out to be poorly timed buyouts plagued the chemical industry in 2008.
The LyondellBasell announcement arrived just two days after the collapse of a $17.4 billion joint venture between Dow Chemical and Kuwait’s Petrochemical Industries Co.
The industry has been hit by slumping demand and volatile energy prices, which have scuttled one major buyout and put another, involving Dow, at risk.
