lyondellbasell, page-2

Sorry to dwell on this, as it is only peripherally related to CNX, but this is huge news in the US. The chemical industry is having troubles, yes, but this sounds more like a case of being obscenely leveraged and then getting whipsawed by energy prices. All the more reason to have a cheap, dependable source of feedstock.

Chemical Giant Mulls Bankruptcy

LyondellBasell Industries, the world's third-largest independent chemical company, told lenders on Monday it is considering filing for bankruptcy protection amid plunging sales and a cash crunch, people familiar with the matter said.

LyondellBasell, which is based in the Netherlands and has large U.S. operations, has hired bankruptcy counsel and told lenders it is trying to line up as much as $2 billion in bankruptcy financing, these people say. A Chapter 11 filing may be imminent, they say.

http://online.wsj.com/article/SB123068310118744141.html?mod=special_page_campaign2008_mostpop