|
(WallStreet Jurnal) -- Despite the
sometimes-rancorous bankruptcy case of chemical giant LyondellBasell, Andreas
Heeschen, whose ProChemie Holding took a 50% stake in the company during its
restructuring, has only good things to say about the U.S. bankruptcy system.
“To go in and save such an internationally diversified company, it’s
impressive,” he said in a meeting Wednesday at Dow Jones’s offices in Manhattan.
“That the management team and the creditor groups could interact in such a
way…it’s thanks to the bankruptcy system in this country.”
Heeschen had his last day on the company’s board on Wednesday, when new
investors took over at LyondellBasell, which emerged from bankruptcy in late
April. The company, which operates 59 manufacturing facilities in 18 countries,
filed for Chapter 11 protection in January 2009. Its bankruptcy plan cuts the
company’s funded debt to about $5 billion from $24 billion.
mrcplast.com |
