BUSINESS BRIEFING / FINANCES
From Times Wire Reports
LyondellBasell Industries, the third-largest independent chemical company, said it was considering bankruptcy protection as a broadening recession cuts consumer demand.
The company is controlled by Russian billionaire Len Blavatnik, who serves as chairman. Blavatnik is also one of several wealthy Russian investors involved earlier this year in a fight for control over TNK-BP, a joint venture with British oil company BP.
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.
